Reliance Industries, led by Mukesh Ambani, has acquired a 26% stake in Adani Power's project in Madhya Pradesh. This collaboration marks the first-ever partnership between the two billionaire rivals.
Under the agreement, Reliance will utilize 500 MW of electricity generated by Adani's Mahan thermal power plant for captive use. This strategic investment aligns with Reliance's diverse interests, spanning from oil and gas to retail and telecom. The deal underscores the increasing cooperation between major players in India's energy sector.