Joining hands for the first time, Indias billionaires Mukesh Ambani and Gautam Adani have signed a deal in their first-ever collaboration for a power project in Madhya Pradesh. According to the sources, Ambanis firm Reliance has a minority stake of 26% in Adani Powers project in MP. The deal has been closed for the captive use of 500 MW of electricity.As per the pact, Mahan Energen Ltd (MEL), a wholly owned subsidiary of Adani Power Ltd, has agreed to allot five crore equity shares at the value of Rs 10 each and will use 500 MW of generation capacity for captive use under the policy as defined under the Electricity Rules, 2005.However, the two industrialists who hail from Gujarat did not disclose where the deal intends to use the power sourced from Mahan Energen.According to the sources, the deal is expected to be completed with in two weeks after getting the approvals from the regulatory. The two who have been battling to grab Asias number one, have different interests. Adani is mostly focused on infrastructure, which includes airports, seaports, and cement, whereas Ambani is more interested in oil and gas, retail, telecom, and financial services. Except recent times in specific industries like media, clean energy, and data centers, neither has frequently crossed paths.Meanwhile, Gautam Adani recently, opened a Science Museum in London, which is more than just clean air or moving away from oil and gas. Its about the energy transitions that this world needs. It is about the revolutions that are taking place in the world of energy, said the billionaire.
