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Mukesh Ambani and Adani Join Forces: India’s Richest Men Collaborate for the First Time

2024-03-29 07:43:00

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Mumbai: India’s richest men, Mukesh Ambani and Adani, are set to collaborate for the first time.

In Madhya Pradesh, Mahan Energy, a subsidiary of Adani Power, is implementing a power project. Ambani’s ‘Reliance Industries’ has bought 26 per cent stake in this company.

It has been reported that Reliance has bought a total of 5 crore shares for Rs.50 crore. With this, it has been confirmed that Reliance will use 500 MW of electricity from Adani’s electricity project operating in Madhya Pradesh.

Both Ambani and Adani are from Gujarat. They have been business rivals for years. In 2022, a company linked to Reliance was in talks to sell NDTV stake to Adani. In the same year, the Adani Group applied to participate in the ‘5G’ spectrum auction which was controversial. Because Ambani’s Jio is entering the telecom business, it was expected that Adani would compete with it.

But Adani bought a small amount of airwaves for his company in the auction. This did not cause any problems. It is in this situation that Ambani and Adani are working together for the first time, which has surprised everyone.

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