– RIL acquires 26% stake in Adani Power’s power project in Madhya Pradesh
– Strategic pact allows RIL to use 500MW of electricity generated by the thermal power plant
– Adani Green Energy commissions 180MW solar power plant in Rajasthan, aims to accelerate EV adoption in India with Mahindra & Mahindra partnership
Reliance Industries Limited (RIL), owned by Indian billionaire Mukesh Ambani, has acquired a 26% stake in Adani Power’s power project in Madhya Pradesh. This strategic pact allows RIL to use 500MW of electricity generated by the thermal power plant for captive purposes. The agreement involves the allocation of 50 million equity shares of Mahan Energen Ltd (MEL), a subsidiary of Adani Power, to RIL. The companies have also entered into a 20-year power purchase agreement. MEL, involved in power generation and supply, has shown significant growth in its turnover over the past three years.
Adani Green Energy Limited (AGEL) recently commissioned a 180MW solar power plant in Rajasthan, which is expected to produce 540 million units of electricity annually, powering over 110,000 homes and reducing carbon emissions by about 390,000 tonnes. The plant utilizes bifacial solar PV modules and horizontal single axis solar trackers (HSAT) to maximize efficiency. Additionally, Mahindra & Mahindra (M&M) signed a memorandum of understanding with Adani Total Gas’ subsidiary to accelerate the adoption of electric vehicles (EVs) in India, aiming to develop a comprehensive EV charging infrastructure across the country. Adani Green Energy also recently operationalized 551MW solar power capacity in Gujarat.