CCI approves RInfra Rs 18,800cr deal with Adani Transmission
Reliance Infrastructure (RInfra) today said the Competition Commission of India (CCI) has approved sale of its integrated Mumbai power business to Adani Transmission in a Rs 18,800 crore deal.
RInfra and Adani Transmission had signed a definitive binding agreement for 100 per cent stake sale of the integrated business of generation, transmission and distribution of power for Mumbai in December 2017, RInfra said in a statement.
RInfra will utilise the proceeds of this transformative transaction entirely to reduce its debt. This is the largest ever debt reducing exercise by any corporate.
This monetization is a major step in RInfra s deleveraging strategy for future growth.
Reliance Infrastructure s Mumbai power business (known as Reliance Energy) is India s largest private sector integrated power utility distributing electricity to nearly 3 million residential, industrial and commercial consumers in the suburbs of Mumbai, covering an area of 400 sq km, it said.