New Delhi: For the first time, there has been an alliance between Ambani and Adani Group. Reliance Industries led by industrialist Mukesh Ambani has bought a stake in businessman Gautam Adani's company Adani Power. Reliance has bought a 26 percent stake in a power project in Madhya Pradesh. This is the first time that some kind of alliance has taken place between two rival billionaire industrialists.

Reliance Industries has signed an agreement for the captive use of 500 MW of power from the plant. Both the companies said in separate notifications to the stock market that Reliance will purchase five crore equity shares of face value of Rs 10 each (Rs 50 crore) in Mahan Energen Limited, a wholly owned subsidiary of Adani Power Limited, and 500 shares for personal use. Will utilize MW production capacity.

These two industrialists of Gujarat have often been pitted against each other by the media and critics. However, both the industrialists have been beating each other for years to reach the top two positions in the list of Asia's richest people. Ambani's interests range from oil and gas to retail and telecom, while Adani's focus is on infrastructure spanning ports to airports, coal, and mining. The two businessmen have rarely crossed paths except in the clean energy sector. Both the industrialists have announced investments of several billion rupees in this segment.

Adani Group aspires to become the world's largest renewable energy producer by 2030, while Reliance is building four gigafactories in Jamnagar, Gujarat. Each of these factories is for solar panels, batteries, green hydrogen , and fuel cells. Adani Group is also setting up three gigafactories to manufacture solar modules, wind turbines , and hydrogen electrolyzers. The clash was predicted even when the Adani Group applied to participate in the auction of spectrum capable of carrying fifth-generation (5G) data and voice call services. However, unlike Ambani, Adani had purchased 400 MHz spectrum in the 26 GHz band, which is not for public networks.

On the contrary, the two have been far from opposed. In 2022, a company with prior ties to Ambani sold its stake in news broadcaster NDTV to Adani, paving the way for the acquisition. Earlier this month, Gautam Adani was also present in the functions organized before the marriage of Ambani's younger son Anant in Jamnagar.