Announcing the deal in March, Reliance said that it would buy a 26 percent stake in Mahan Energen and the deal has now been completed. Mahan Energen, established in 2005, has a thermal plant in the Singrauli district of Madhya Pradesh.
For the first time, a direct deal has been done between India's two richest people Mukesh Ambani and Gautam Adani. Reliance Industries, headed by Mukesh Ambani, has bought a 26% stake i.e. five crore shares in Mahan Energen, a subsidiary of Adani Power. This information was shared by Reliance in an exchange filing. The deal was finalised for Rs 50 crores. Announcing the deal in March, Reliance said that it would buy a 26 percent stake in Mahan Energen and the deal has now been completed.
Mahan Energen, established in 2005, has a thermal plant in the Singrauli district of Madhya Pradesh. Currently, its capacity is 1200 MW. Earlier, it was owned by Essar Power.
Adani Power bought it in March 2022 for Rs 4,250 crore. Mahan Energen's earnings in the financial year 2023 were Rs 2,730.68 crore. Earlier in 2022, the company had earned a revenue of Rs 1393.59 crore, and in 2021, Rs 692 crore. Adani Group is investing about Rs 30,000 crore to take the power generation capacity of Mahan Energen to 4,400 MW.
Reliance Industries has signed an agreement for the captive use of 500 MW of electricity from this plant.
According to Forbes, Mukesh Ambani is the richest man in India and Asia with a net worth of $122.8 billion. He is at number 11 in the list of the world's richest people. On the other hand, Gautam Adani's net worth is $84.4 billion. He is second after Mukesh Ambani in India and Asia. He is at number 20 on the list of the world's richest people. Both groups are currently making big bets in the green energy sector.
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