Adani Power s stock rose by 5% to Rs 588.45 after signing a 20-year power purchase agreement with Reliance Industries. The company s credit rating was upgraded to AA- by India Ratings, showcasing strong performance.
Reliance Industries (RIL) and Adani Power have signed a 20-year power purchase agreement for 500 MW, marking a rare, strategic collaboration between conglomerates led by two of the countrys wealthiest men.
Mahan Energen has agreed to allot 50 million equity shares of Rs 10 face value each to RIL at par, Reliance said in a regulatory filing. “The proposed investment by the company is in compliance with the provisions of the Electricity Rules, 2005,” it said. RIL did not disclose any specific purpose for signing the power purchase agreement.