|
Shares of Reliance Industries (RIL) rose 0.47% to Rs 3,001.75 on the BSE. Under this agreement, one of MEL's operational 600 megawatt (MW) units at the Mahan thermal power plant will be designated to exclusively supply 500 MW of power to Reliance for the next 20 years. This move allows Reliance to benefit from a long-term stable power supply. Reliance Industries (RIL) has agreed to invest Rs 50 crore in Mahan Energen (MEL) to acquire a 26% stake in a captive power unit. This strategic move allows RIL to benefit from a specific policy, likely related to power procurement or pricing. The investment will involve RIL purchasing 5,00,00,000 equity shares in MEL. This stake corresponds proportionally to the capacity of the captive unit relative to MEL's total power plant capacity. Reliance Industries (RIL) has secured a long-term deal to purchase 500 megawatts (MW) of power from Adani Power subsidiary, Mahan Energen (MEL), in a significant development for both companies. Meanwhile, Adani Power (APL) announced a major financial restructuring following a credit rating upgrade to AA-. This upgrade came after the merger of six of their special purpose vehicles (SPVs) into the main company. The company has consolidated the standalone term loan facilities of the SPVs into a single long-term Rupee term loan facility of Rs 19,700 crore under a consortium financing arrangement comprising eight lenders. The revised arrangement will allow the company to benefit from uniform terms and greater financial flexibility in addition to reducing the effective rate of interest, stated in the company?s press release. Reliance Industries (RIL) is India's largest private sector company. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, renewables (solar and hydrogen), retail and digital services. Adani Power, a part of the diversified Adani Group, is the largest private thermal power producer in India. Powered by Capital Market - Live News |