Mumbai : Reliance Infrastructure (RInfra) on Wednesday said it has completed the Rs 18,800-crore deal for sale of its Mumbai energy business to Adani Transmission, which will help it pare debt by two-thirds to Rs 7,500 crore.
Company chairman Anil Ambani announced the culmination of the deal involving the sale of the integrated power business which was struck in December last year. Ambani said the deal will help cut the company’s overall debt to Rs 7,500 crore from the earlier Rs 22,000 crore and also added that it is planning to be a zero debt company by next year.
The company had called a board meet today to approve the transfer of Mumbai power business to Adani Transmission, after receiving the regulatory approvals.
In the past eight months, the deal has received go-aheads from fair trade regulator Competition Commission of India (CCI), shareholders of the company and Maharashtra Electricity Regulatory Commission (MERC) for the sale.