Reliance Infrastructure has signed an agreement to sell its Mumbai power business to Adani Transmission for total of Rs.18,800 crore.

In a BSE filing the company stated that, it has announced the signing of a Definitive Binding Agreement with Adani Transmission (ATL) for 100% stake sale of its Mumbai power business, which includes integrated business of generation, transmission and distribution of power.

Further, the deal value is at Rs.13,251 crore, which comprises business valued at Rs.12,101 crore and regulatory assets approved till now of Rs.1,150 crore. The regulatory assets under approval is approx Rs.5,000 crore and net working capital on closing pegged at Rs.550 crore will also come directly to RInfra.

Moreover, RInfra will use the entire amount for reducing its debt and have up to Rs.3,000 crore as cash surplus.

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