Reliance Infrastructure completes sale of Mumbai power transmission business to Adani
Reliance Infrastructure Limited has announced the successful completion of the sale of its 100% shareholding in Integrated Mumbai Power Distribution Business to Adani Transmission Ltd.
The deal was announced in December 2017 with the signing of a definitive binding agreement between Reliance Infrastructure Ltd. and Adani Transmission Ltd., and has now been completed with transfer of shares and receipt of sale consideration.
The total transaction value is INR188 billion (US$2.65 billion). Reliance Infrastructure has reduced debt liabilities by INR138 billion (US$1.95 billion) from the deal proceeds, making this the largest ever debt reduction for any company in power sector in India.
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