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Mumbai: 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.
Mahan Energen Ltd (MEL), a wholly owned subsidiary of Adani Power Ltd, has agreed to allot five crore equity shares of face value of Rs 10 each of MEL to RIL at par.
The government has approved amendments to the Electricity (Rights of Consumers) Rules that will further reduce the timeline for getting new electricity connections and simplify the process of setting up rooftop solar installations, minister for power and new & renewable energy RK Singh said on Feb 23.
The time period for obtaining a new electricity connection under the Rules has been reduced from seven days to three days in metropolitan areas, from fifteen days to seven days in other municipal areas, and from thirty days to fifteen days in rural areas.
The government has amended the electricity rules to exempt households from a technical feasibility study for power systems up to 10 kW capacity. Consumers can obtain separate electricity connections for charging electric vehicles. The time frame for obtaining a new electricity connection has been reduced. An additional meter will be installed for verifying consumption and ensuring accuracy in billing.