Sale of ‘Reliance Energy’ to Adani Transmission Next Week: RInfra

The Definitive Binding Agreement for the Rs. 18,800 crore ‘Reliance Energy’ deal between RInfra and ADL was signed in December 2017.

 

India’s leading infrastructure player, Reliance Infrastructure (RInfra) declares completion of sale of its Mumbai based power distribution firm ‘Reliance Energy’ to Adani Transmission (ADL) by next week.

The Definitive Binding Agreement for the Rs. 18,800 crore deal between RInfra and ADL was signed in December 2017.

The RInfra will use the income from the lucrative deal to repay its debts which will reduce a substantial amount of its pending bills.

The deal is also said to be a part of RInfra’s debt-reducing strategy that will foster growth in the future.

Reliance Energy is country’s largest private sector power distributing and producing agency that would now be wholly owned by Adani Transmission.

The company traditional provision includes peak demands of 1,800 MW with an annual revenue of Rs. 7,500 crore.

With the acquisition of a leading power utility ‘Reliance Energy’, Adani Transmission will add considerable credits to its power capacities in the country.

Source: IANS