RInfra sells Mumbai power biz to Adani
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.