More good news for Anil Ambani as two Reliance Group firms witness record surge in mcap due to...
In another significant chapter in the remarkable comeback story of business tycoon Anil Ambani–the younger brother of Asia's richest man Mukesh Ambani– two of Reliance Group's flagship companies, Reliance Infrastructure and Reliance Power, have witnessed a record surge surge in their market capitalization (Mcap) at the stock market. Why market cap of Reliance Group companies increased?
According to details, the market cap of Reliance Infra, one of the flagship firms of Anil Ambani-led Reliance Group, has surged by a whopping 1.9 times, while the mcap of Reliance Power increased 1.5 times at the Bombay Stock Exchange (BSE). Market experts believe the mcap surge of Anil Ambani's companies is not a temporary phenomenon as its backed by solid growth due to major projects which the firms have bagged during recent times. How Reliance Infra is powering Anil Ambani's comeback?
Reliance Infrastructure, through its subsidiary Reliance Defence, has bagged ammunition contracts worth Rs 10,000 crore, and also witnessed a capital rise of Rs 17,600 crore. Recently, Reliance Defence announced a major partnership with with Coastal Mechanics, a leading US Department of Defence-authorised contractor, to jointly address India's Rs 20,000 crore defence maintenance, repair, overhaul (MRO) and upgrade market opportunity.
The 'strategic partnership' between Reliance Defence and Coastal Mechanics will focus on providing end-to-end Maintenance, Repair, Overhaul (MRO), upgrade, and lifecycle support solutions for the Indian Armed Forces, targeting a wide range of critical platforms such as 100+ Jaguar fighter aircrafts, 100+ MiG-29 fighter aircrafts, the fleet of Apache attack helicopters, L-70 air defence guns, and other legacy systems that require long-term sustainment and modernisation, Reliance Infra said in an official release.
In May, Anil Ambani-led Reliance Defence signed a deal with German arms manufacturer Rheinmetall AG to supply ammunition like artillery shells and explosives from a new facility to be set up in Maharashtra, following which Reliance Infra shares jumped over 42 percent in the last one month. What is the contribution of Reliance Power in Reliance Group revival?
Similarly, Reliance Power has several inked major deals this year, including its subsidiary, Reliance NU Energies, securing an allocation of 350 MW of solar generation capacity paired with a 175 MW/700 MWh battery storage system.
Reliance NU Suntech, another Reliance Power subsidiary, has 25-year purchase agreement with the Solar Energy Corporation of India (SECI) to build Asia's largest integrated solar and battery storage project, at an investment of up to Rs 10,000 crore, The mega solar power project is aimed to build a 930 MW solar capacity paired with 465 MW/1860 MWh battery storage.
Additionally, the Reliance Group has also acquired a Rs 2000 crore contract for a setting up a 500 MW solar project, and a 750 MW hydroelectric project in Bhutan in partnership with Druk Holding.
Interestingly, Anil Ambani– the younger son of Reliance founder Dhirubhai Ambani– was once richer than his illustrious older brother, Mukesh Ambani, before a series of bad business decisions led to his downfall.
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