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Reliance Infrastructure (RInfra), has received approval from the Competition Commission of India (CCI), for sale of its integrated Mumbai power business to Adani Transmission, the value of deal is approx Rs.18,800 crore.
In a statement RInfra said that, RInfra and Adani Transmission has signed a definitive binding agreement for 100% stake sale of the integrated business of generation, transmission and distribution of power for Mumbai, in December 2017.
The estimated value of the deal is approx Rs.18,800 crore and the transaction is expected to be completed by March 2018. Further, RInfra will use the entire funds from the deal to reduce its debt.
