Reliance Infrastructure (RInfra) has received an approval from Competition Commission of India (CCI) for 100% stake sale of its Mumbai Power Business which includes integrated business of generation, transmission and distribution of power for Mumbai to Adani Transmission (ATL). Total consideration value is estimated at Rs 18,800 crore. Transaction is expected to be completed by March 2018.
RInfra will utilize the proceeds of this transformative transaction entirely to reduce its debt. This is the largest ever debt reducing exercise by any Corporate. This monetization is a major step in RInfra’s deleveraging strategy for future growth.
RInfra is one of the largest infrastructure companies, developing projects through various Special Purpose Vehicles (SPVs) in several high growth sectors such as Power, Roads and Metro Rail in the Infrastructure space and the Defence sector.