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RIL Buys 26% Stake In Adani Power's Unit For 50 Crore To Secure Captive Power – Prime Time News24


Reported By: Enterprise Desk

Final Up to date: March 29, 2024, 07:49 IST

MEL and RIL have entered a 20-year power-purchase settlement.

The transaction between Adani Energy and RIL is according to the captive person coverage as outlined underneath the Electrical energy Guidelines, 2005, each firms mentioned.

Mukesh Ambani’s Reliance Industries (RIL) will purchase a 26 % stake in Mahan Energen Ltd (MEL), a unit of Adani Energy led by Gautam Adani.

The Mukesh Ambani firm will make investments Rs 50 crore for a 26% stake in a 600MW unit of Mahan Energen’s thermal energy plant. The latter is a completely owned subsidiary of Gautam Adani-led Adani Energy.

Mahan Energen has agreed to allot 50 million fairness shares of Rs 10 face worth every to RIL at par, Reliance mentioned in a regulatory submitting. “The proposed funding by the corporate is in compliance with the provisions of the Electrical energy Guidelines, 2005,” it mentioned. RIL didn’t disclose any particular function for signing the ability buy settlement.

“One unit of 600 MW capability of Mahan thermal energy plant, out of its combination working and upcoming capability of two,800 MW, shall be designated because the captive unit for this function,” Adani Energy mentioned in a regulatory submitting saying the settlement with RIL.

MEL and RIL have entered a 20-year power-purchase settlement.

The transaction between Adani Energy and RIL is according to the captive person coverage as outlined underneath the Electrical energy Guidelines, 2005, each firms mentioned.

The 2 teams signed an funding settlement on March 27. The transaction closure is topic to customary closing circumstances, together with receipt of requisite approvals.

MEL has an operational capability of 1,200 MW with plans so as to add one other 1,600 MW.

“The funding is topic to customary circumstances precedent, together with receipt of requisite approvals by MEL, and is predicted to be accomplished inside two weeks of receipt of completion of circumstances precedent and receipt of such approvals by MEL,” RIL mentioned.

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