Mumbai: Reliance Infrastructure NSE 4.92 % has completed the sale of its entire holding in a power transmission joint venture with the state-run Power Grid Corporation of India for an enterprise value of Rs 900 crore, the Anil Ambani-led company said on Saturday.
The cash-strapped and loss-making company had signed a deal with India Grid Trust (IndiGrid) in November for the sale of its 74% stake in the joint venture, Parbati Koldam Transmission Company, which runs an inter-state power transmission line between Himachal Pradesh and Punjab. The divestment is a part of Reliance Infrastructure’s plan to divest assets to reduce debt.
“The entire sale proceeds are being utilized for debt reduction. Reliance Infrastructure has reduced its total debt liabilities by around 6% from the deal proceeds,” the company said in a statement.
