New Delhi,
\nShareholders of billionaire Anil Ambani-led Reliance Infrastructure Ltd have approved sale of the firm\u2019s Mumbai power business to Adani Transmission Ltd for Rs 18,800 crore.<\/p>\n
\u201cThe resolution (for the sale) has been passed with 94 per cent votes in favour of the proposal,\u201d a company statement said.<\/p>\n
The deal will see Adani Group takeover the distribution of over 1,800 megawatt of power to roughly 30 lakh customers in Mumbai and 500MW of thermal power generation capacity.<\/p>\n
Competition Commission of India has already approved the transaction which will help Reliance Infra cut its debt.<\/p>\n
\u201cReliance Infrastructure Ltd and ATL had signed 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,\u201d it said.<\/p>\n
Announcing the sale in December, the company had said it will be initially paid Rs 13,251 crore and about Rs 5,000 crore will come to it after the successful resolution of certain regulatory issues.<\/p>\n
Reliance Infra today said it will use the proceeds of the deal to reduce its debt, which stood at over Rs 10,000 crore at the end of September 2017.<\/p>\n
\u201cThis is the largest-ever debt reducing exercise by any corporate. This monetisation is a major step in Reliance Infrastructure Ltd\u2019s deleveraging strategy for future growth,\u201d the statement said.<\/p>\n
Reliance Infra\u2019s Mumbai Power business is India\u2019s largest private sector integrated power utility distributing power to nearly 3 million residential, industrial and commercial consumers in the suburbs of Mumbai, covering an area of 400 sq km.<\/p>\n
It caters to a peak demand of over 1,800 MW, with annual revenues of Rs 7,500 crore with stable cash flows.<\/p>\n
\u201cReliance Infrastructure Ltd will focus on upcoming opportunities in asset light EPC and defence businesses,\u201d the statement added.<\/p>\n","protected":false},"excerpt":{"rendered":"
New Delhi, Shareholders of billionaire Anil Ambani-led Reliance Infrastructure Ltd have approved sale of the firm\u2019s Mumbai power business to Adani Transmission Ltd for Rs 18,800 crore. \u201cThe resolution (for the sale) has been passed with 94 per cent votes in favour of the proposal,\u201d a company statement said. The deal will see Adani Group […]<\/p>\n","protected":false},"author":1,"featured_media":23514,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[410],"tags":[],"class_list":["post-23513","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/23513","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=23513"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/23513\/revisions"}],"predecessor-version":[{"id":23515,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/23513\/revisions\/23515"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/23514"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=23513"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=23513"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=23513"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}