Mukesh Ambani bought a big stake in Gautam Adani’s company, know what is its business
New Delhi: For the first time, a direct deal has been signed between the country’s two biggest rich people, Mukesh Ambani and Gautam Adani. Ambani’s company Reliance Industries has bought five crore shares in Mahan Energen, a subsidiary of Adani Power. Reliance gave this information in an exchange filing. This deal has been done for Rs 50 crore. While announcing this deal in March, Reliance had talked about buying 26 percent stake in Mahan Energon. Ambani’s company says that it has completed this deal.
Mahan Energon, established in 2005, has a thermal plant in Singrauli district of Madhya Pradesh. Presently its capacity is 1200 MW. Earlier it was owned by Essar Power. Adani Power bought it in March 2022 for Rs 4,250. Mahan Energon’s earnings for financial year 2023 stood at Rs 2,730.68 crore. Earlier in 2022, the company had achieved revenue of Rs 1393.59 crore and in 2021, it had achieved revenue of Rs 692 crore. Adani Group is investing about Rs 30,000 crore to increase the power generation capacity of this great energy plant to 4,400 MW. Reliance Industries has signed an agreement for captive use of 500 MW of power from this plant.
Ambani and Adani’s net worth
According to the Bloomberg Billionaires Index, Ambani is the richest man in India and Asia with a net worth of $120 billion. This year his net worth has increased by $23.8 billion and he is at number 12 in the list of the world’s richest people. On the other hand, Adani’s net worth is $104 billion. He is second only to Ambani in India and Asia. This year his net worth has increased by $19.7 billion and he is at number 14 in the list of the world’s richest people. Reliance is the second largest industrial house in the country while Adani Group is at third place. Both the groups are playing big bets in the green energy sector.
