Reliance picks up 26 per cent stake in Adani’s Mahan Energen power project

Reliance Industries (RIL) and Adani Power have signed a 20-year power purchase agreement for 500 MW, marking a rare, strategic collaboration between the conglomerates. RIL will invest Rs 0.50 billion for a 26 per cent stake in a 600 MW unit of Mahan Energen’s thermal power plant, a wholly owned subsidiary of Adani Power. Mahan Energen has agreed to allot 50 million equity shares of Rs 10 face value each to RIL at par. The Adani Group is investing around Rs 300 billion to ramp up Mahan Energen’s power generation capacity to 4,400 MW over the next decade.