Reliance Infrastructure to sell power transmission business to Adani
Reliance Infrastructure has announced an agreement with Adani Transmission to sell its power transmission assets in India.
Although specific details of the transaction has not yet been disclosed by any party, the estimated value for Reliance's portfolio of transmission projects is INR70 billion (US$1 billion).
Reliance Infrastructure owns two power transmission assets spanning Maharashtra, Gujarat, Madhya Pradesh and Karnataka, as well as a 74 per cent stake in another in Himachal Pradesh and Punjab. All these three projects are completed and revenue generating.
According to sources, Gautam Adani, chairman of Adani Group, stated:
“With this acquisition, ATL will enjoy substantial benefit of scale driving and is in sync with the deep-rooted strategy of ATL to enhance the value for the stakeholders through both organic as well as inorganic growth”.
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