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Reliance Industries announced that an investment agreement has been signed on 27 March 2024 between Mahan Energen (MEL), wholly owned subsidiary of Adani Power (APL), the Company and APL, in terms of which the Company has agreed to subscribe and MEL has agreed to allot 5,00,00,000 (five crore) equity shares of face value of Rs. 10/- each of MEL to the Company at par.
The proposed investment by the Company is in compliance with the provisions of Electricity Rules, 2005 in terms of which the Company, as a captive user, is required to own 26% proportionate ownership in one unit of MEL of 600 MW capacity, with RIL being the captive user of 500 MW generation capacity.The Company and MEL have entered into a 20 year long term power purchase agreement for this purpose.
MEL, a company engaged in generation and supply of power, was incorporated on 19 October 2005. The turnover of MEL, as per its audited standalone financial statement, for financial years 2022-23, 2021-22 and 2020-21 was Rs. 2,730.68 crore, Rs.1,393.59 croreand Rs. 692.03 crore, respectively.
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