In a major development,\u00a0Anil Ambani-run Reliance Infrastructure said that its board has approved the transfer of integrated Mumbai power business to Adani Transmission, in a deal valued at Rs 18,800 crore. RInfra has obtained all relevant approvals from fair trade regulator Competition Commission of India (CCI), shareholders of the company, Maharashtra Electricity Regulatory Commission, and others for sale of Mumbai power business to Adani Transmission for Rs 18,800 crore, said the firm. In a press conference, Anil Ambani said that RInfra is undergoing a transformation to being asset light, high growth and high diveidend company.\u00a0Anil Ambani, Chairman of ADAG said that the objective is to become debt-free by next year. The gross debt is to be reduced from Rs 22,000 crore currently to about 7,000 crore. The annual business cost is to be reduced by 70% to Rs 800 crore, he said.\u00a0 Last week, Reliance Infrastructure had defaulted on payment of redemption of non-convertible debentures (NCDs) amounting to Rs 133.38 crore, PTI reported. The company had, however, said it expects to make these payments in the next few days from the proceeds from of Mumbai power business to Adani Transmission. \u00a0All lenders have provided their no objection certificates (NOCs), and the company expects to close the transaction within the next few days, it had said.