Mumbai, March 28 -- In a first-ever collaboration between competing billionaires, Reliance Industries, led by Mukesh Ambani, has acquired a 26 percent stake in a Madhya Pradesh power project belonging to Gautam Adani.

The two giants have also entered into an agreement to utilize the plants 500 MW electricity output for captive purposes.

Reliance will acquire 5 crore equity shares in Mahan Energen Ltd, a wholly-owned subsidiary of Adani Power Ltd, with a face value of Rs 10 at par (totalling Rs 50 crore), the two companies said in separate stock exchange filings.

Adani aims to become the worlds largest renewable energy producer by 2030, while Reliance is in the process of constructing four gigafactories in Jamnagar, Gujarat. These gigaf...