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Anil Ambani led Reliance Infrastructure announced that the company has completed its deal for the sale of Mumbai Power business including generation, distribution, and transmission to the Adani Transmission for the sum of Rs. 18,800 crores.
The company chairman Anil Ambani said that he expects the company to be debt-free by the next year as the deal is expected to slash the company’s debt by two-thirds. Reliance infra was reported to be under the debt of Rs. 22000 crores whereas currently the debt, after the completion of the deal, is valued to be at Rs. 7500 crores.
Reliance Infra said in a statement that the company had received all the necessary approvals from all the regulatory authorities, Competition Commission of India (CCI), shareholders of the company, Maharashtra Electricity Regulatory Commission and others for the sale.
While speaking to the press, Anil Ambani said that the defense segment would become one the key business of the group in upcoming years. Whereas this deal, which is the largest ever in the power sector, also marks the entry of Adani Group, who till now has only been into the power generation and transmission into the distribution space.
