RIn­fra sells Mum­bai power biz to Adani

India Business Journal - - NEWS ROUND-UP -

Anil Am­bani-backed Re­liance In­fra­struc­ture (RIn­fra) has signed a de­fin­i­tive bind­ing agree­ment with Adani Trans­mis­sion to sell its Mum­bai power busi­ness, known as Re­liance En­ergy, for Rs 13,251 crore. The deal in­cludes RIn­fra's in­te­grated busi­ness of gen­er­a­tion, trans­mis­sion and dis­tri­bu­tion. The deal value com­prises busi­ness val­ued at Rs 12,101 crore and reg­u­la­tory assets of Rs 1,150 crore. RIn­fra will utilise the en­tire pro­ceeds of this trans­ac­tion to re­duce its debt of Rs 20,000 crore. Re­liance En­ergy dis­trib­utes power to nearly 30 lakh res­i­den­tial, in­dus­trial and com­mer­cial con­sumers in Mum­bai's sub­urbs.

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