Power News We love to talk!
Reliance Infrastructure (RInfra) on Monday said the Competition Commission of India (CCI) has approved sale of its integrated Mumbai power business to Adani Transmission in a 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.
According to the statement, total consideration value is estimated at 18,800 crore. The transaction is expected to be completed by March 2018. 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 monetisation 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.
It caters to a peak demand of over 1,800 MW, with annual revenues of 7,500 crore with stable cash flows. RInfra will focus on upcoming opportunities in asset light EPC (engineering procurement and construction) and defence businesses, it added.
- India and US launch $ 95 million clean energy projects under OPIC financing Read more
- Warming up to the idea of more power this summer Read more
- NTPC probe blames 3 engineers for Unchahar plant accident Read more
- AERC notifies draft regulations for co-generation and other renewable energy sources Read more
- Arun Kumar is new Director Finance of PTC India Read more
- As coal prices rise, power cos feel the heat with higher cost pressure Read more
- States opt to stay in dark rather than buy power & hike tariffs Read more
- Uttar Pradesh voters want solar power, reveals survey Read more
- Top bureaucrats in fray for chairman post in Oil India Read more
- 46 GW power generation capacity lacks last mile connectivity: PHDCCI Read more