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. <\/p>\n
R-Infra owns two electricity transmission lines spanning Maharashtra, Gujarat, Madhya Pradesh and Karnataka and has a 74 per cent stake in another in Himachal Pradesh and Punjab. <\/p>\n
“Reliance Infrastructure Ltd (RInfra) today announced the signing of a binding term sheet with Adani Transmission Ltd (ATL) for 100 per cent stake sale of its transmission assets,” the company said in a statement here. <\/p>\n
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. <\/p>\n
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. <\/p>\n
It also owns 74 per cent in Parbati Koldam Transmission Company Limited (PKTCL) located in Himachal Pradesh and Punjab in joint venture with Power Grid Corporation of India Ltd (PGCIL). <\/p>\n
All three transmission projects are completed and revenue generating. <\/p>\n
“The entire sale proceeds shall be utilized for debt reduction,” the statement said. “The transaction is in line with the strategic plan of monetizing non-core business and focus on major growth areas like defence and EPC business.” <\/p>\n
RInfra has completed monetisation of cement business and is in advanced stage of doing the same for roads and Mumbai power businesses. <\/p>\n
“The proposed Transaction is subject to due diligence, definitive documentation, applicable regulatory approvals and certain other conditions. Further announcements will be made at an appropriate stage,” the statement added. <\/p>\n
SBI Capital Markets Ltd acted as financial advisors to RInfra for this transaction.<\/p>\n","protected":false},"excerpt":{"rendered":"
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. R-Infra owns two electricity transmission lines spanning Maharashtra, Gujarat, Madhya Pradesh and 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 with Adani 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 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[132],"tags":[],"class_list":["post-86264","post","type-post","status-publish","format-standard","hentry","category-power"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/86264","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=86264"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/86264\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=86264"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=86264"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=86264"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}