Anil Ambani led Reliance Infrastructure completes sale of WRSS to Adani Transmission for Rs 1000 cr

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Mumbai | November 02, 2017 5:58 AM

Reliance Infrastructure (RInfra) on Wednesday said it has completed sale of its entire 100% stake in Western Region System Strengthening Scheme Transmission Undertakings (WRSS) to Adani Transmission.

The deal is valued at Rs 1,000 crore. The entire proceed from the stake sale will be used for reducing debt.

Reliance Infrastructure (RInfra) on Wednesday said it has completed sale of its entire 100% stake in Western Region System Strengthening Scheme Transmission Undertakings (WRSS) to Adani Transmission. The deal is valued at Rs 1,000 crore. The entire proceed from the stake sale will be used for reducing debt. At the end of FY17, RInfra’s consolidated debt stood at `25,820 crore. In December 2016, RInfra had signed a share purchase agreement with Adani Transmission for the stake sale. Recently, Adani Transmission and RInfra also entered into a period of exclusivity till January 15, 2018 for discussions on the proposed acquisition of RInfra’s integrated business of generation, transmission, distribution and retail of power for Mumbai, subject to confirmatory diligence, definitive documentation and customary approvals.

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