Adani Power shares slightly up after RIL acquires 26% stake in Mahan Energen's unit

-, Jul 10, 2024, India Blooms News Service

Mumbai/IBNS: The shares of Adani Power were slightly up on Wednesday (July 10), a day after the companys wholly owned subsidiary Mahan Energen Ltd. (MEL) announced that it has entered into a 20-year power purchase deal for 500 MW with Reliance Industries Limited (RIL).

According to reports, shares of both the companies were muted during mid-day trading on Wednesday.

Adani Power was up 0.09 percent at Rs 725.65, while RIL was down 0.82 percent at Rs 3,154.45, reports said.

As per reports, Reliance Industries has acquired 26 percent stake in a 600 MW unit of Mahan Energens thermal power plant.

The unit, which is a part of MELs total capacity of 2,800 MW, is designated as the captive unit for the agreement, reports said.

This allotment will enable RIL (Reliance Industries Limited) to source reliable power supply from the Captive Unit under the exclusive arrangement between the two corporates and demonstrate the advantage of this mutually beneficial arrangement by enhancing MELs long-term revenue visibility, a release from Adani Power Ltd read.