MERC ends hear­ing on Rin­fra-adani deal

Hindustan Times ST (Mumbai) - - HTMETRO - HT Cor­re­spon­dent

MUM­BAI: The Ma­ha­rash­tra Elec­tric­ity Reg­u­la­tory Com­mis­sion (MERC) on Thursday con­cluded the hear­ing of the 100% stake sale of Reliance In­fra­struc­ture Ltd.’s in­te­grated Mum­bai power busi­ness to Adani Trans­mis­sion Ltd (ATL). How­ever, the state elec­tric­ity reg­u­la­tor has re­served the or­der on the ₹18,800-crore deal. Once the or­der is is­sued, Adani Trans­mis­sion will take over the elec­tric­ity sup­ply of Rin­fra’s con­sumers that re­side in Mum­bai sub­urbs.

Anil Am­bani-led Rin­fra had filed an ap­pli­ca­tion be­fore the reg­u­la­tor in Jan­uary 2018 seek­ing ap­proval to sell its power busi­ness in Mum­bai.

“MERC has re­served its or­der, which is ex­pected to be de­liv­ered in the next few weeks. Reliance In­fra­struc­ture Ltd. has al­ready re­ceived the ap­proval of Com­pe­ti­tion Com­mis­sion of In­dia (CCI) and its share­hold­ers for the deal,” a state­ment from Rin­fra said.

Reliance In­fra­struc­ture in­tends to use the pro­ceeds to re­duce its debt of around ₹15,000 crore and be­come a ₹3,000 crore cash sur­plus com­pany. “This is the largest ever debt re­duc­ing ex­er­cise by any cor­po­rate. Go­ing for­ward, Reliance In­fra­struc­ture Ltd. will fo­cus on up­com­ing op­por­tu­ni­ties in as­set light EPC and De­fence busi­nesses,” a Reliance In­fra­struc­ture spokesper­son said.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.