Big Billion deal! Mukesh Ambani and Gautam Adani ink deal to collaborate on power project

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New Delhi: Billionaires Gautam Adani and Mukesh Ambani have set aside business rivalries to join hands in a power project in Madhya Pradesh. Reliance has purchased a 26 per cent stake equalling 5 crore shares worth Rs 50 crore for captive use of 500 MW power in the project helmed by Adani Power unit Mahan Energen, according to an exchange filing.

The power purchase agreement with Reliance has been inked for a 20-year-period, said Adani Power.

Gautam Adani and Mukesh Ambani have been vying for the renewable energy space and have often overlapped on global lists of richest billionaires.

Adani Group also bid for 5G spectrum during auctions in 2023 in a surprise move that gave rise to reports that the group may directly compete with Reliance Industries-owned Jio network.

While Adani Group plans to generate 45 GW of power using clean energy, Reliance Group has started work on its gigafactory in Jamnagar, Gujarat, spread across 5,000 acres.

Mukesh Ambani net worth

Mukesh Ambani is the world’s 11th richest individual according to Forbes magazine. His net worth is $116.7 billion. Ambani’s business interests encompass hydrocarbons, polymers, telecom, media, retail and now clean energy.

The business tycoon reportedly spent Rs 1,259 crore on the pre-wedding bash of his youngest son Anant Ambani which was also attended by Adani.

The event witnessed the who’s who of the entertainment and business world in attendance from across the globe, including pop star Rihanna, Microsoft Founder Bill Gates, and Meta CEO Mark Zuckerberg.

Gautam Adani net worth

Gautam Adani is the world’s 17th richest person wth a net worth of $81 billion, according to Forbes magazine. Having starting his career with port construction and operation, Adani’s business has since become the byword for major construction acitvity across India. From airports to power utilities, Adani Group is the key private operator of major consumer facing infrastructure in India.

Once counted among the world’s top 3 billionaires, Adani’s net worth eroded in the aftermath of allegations made by US-based short seller Hindenburg Research. Adani Group has since been given a clean chit in the matter by the apex court of India.

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