Reliance Infrastructure says sale of transmission assets to Adani on track

Reliance Infrastructure Limited said it signed an agreement to transfer some of its transmission assets, under the Western Region System Strengthening Scheme (WRSSS), to two of its subsidiaries ahead of their sale to Adani Transmission Limited.

In December 2016, RInfra has entered into Share Purchase Agreement with Adani Transmission Limited for sale of WRSSS valuing the businesses at Rs 1,000 Crore.

“All key approvals (CCI, CERC and lenders) have been obtained and transaction is expected to be closed shortly,” the company said.

“The entire sale proceeds shall be utilized for debt reduction.”

Reliance Infrastructure has projects in Power, Roads and Metro Rail, besides a rapidly growing defence business.

It is also engaged in power generation, transmission, distribution and trading.

Shares of the Anil Ambani group companies have been under pressure in recent months due to stress in the telecom sector. The group’s flagship telecom venture is facing tremendous financial stress due to changed market dynamics.