RInfra to sell power transmission biz to Adani for Rs 2k cr
Anil Ambani-led Reliance Infrastructure Ltd today signed an agreement to sell its power transmission assets to Adani Group for over Rs 2,000 crore.
RInfra owns two electricity transmission lines spanning Maharashtra, Gujarat, Madhya Pradeshand Karnataka and has a 74 per cent stake in another in Himachal Pradesh and Punjab.
“Reliance Infrastructure Ltd (RInfra) today announced the signing of a binding term sheet withAdani Transmission Ltd (ATL) for 100 per cent stake sale of its transmission assets,” the company said in a statement here.
While the two companies did not give valuation of the deal, banking sources said the sale consideration was in excess of Rs 2,000 crore.
RInfra owns the country’s first 100 per cent private sector transmission project Western Region System Strengthening Scheme (WRSSS) B & C projects located in the state of Maharashtra, Gujarat, Madhya Pradesh and Karnataka.