Mukesh Ambani makes a financial investment in Adani’s business and first unites Mukesh Ambani, who is in the list of the richest industrialists in the country, has invested money in Gautam Adani’s company. This is the first time that these two rivals have come together. See which projects Mukesh Ambani’s company has invested money in Adani’s projects.
Mukesh Ambani’s Reliance Industries has bought a 26 per cent stake in Adani Power in the company of its rival Gautam Adani. This is the first time such a deal has been reached between two rival billionaire industrialists. Reliance Industries has signed an agreement to use 500 MW of power from the plant.
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In a separate filing to the stock exchanges, Reliance will buy five crore equity shares and 500 shares of face value at Rs 10 (Rs 50 crore) each in Mahan Energy Ltd, a wholly owned subsidiary of Adani Power Ltd. In which the company will use its MW generation capacity.
These two industrialists from Gujarat are rivals of each other.
However, the two are vying for the top spot in the list of Asia’s richest people. Mukesh Ambani’s company operates in sectors ranging from oil and gas to retail and telecom, while Adani’s focus is on infrastructure ranging from ports to airports, coal and mining. The two industrialists have invested several billion rupees in the sector.
The Adani Group wants to become the world’s largest renewable energy producer by 2030. Reliance is building a four gigafactory in Jamnagar, Gujarat. Each of these factories is for solar panels, batteries, green hydrogen and fuel cells.
Adani Group is also building three gigafactories to manufacture solar modules, wind turbines and hydrogen electrolyzers.
The conflict was also predicted when the Adani Group applied to participate in the auction of spectrum capable of carrying fifth generation (5G) data and voice call services. Unlike Ambani, Adani had bought 400 MHz spectrum in the 26 GHz band, which is not for public networks.
So both never go against each other. Not only this, Gautam Adani was also present at the pre-wedding ceremony of Ambani’s younger son Anant Ambani in Jamnagar.