Reliance Infrastructure sells Mumbai power business to Adani Transmission for Rs 188 billion

Reliance Infrastructure Limited (RInfra) has signed a definitive binding agreement to sell its Mumbai power business to Adani Transmission Limited for Rs 188 billion. The deal, likely to be closed by March 2018, will see the Adani Group taking over the distribution of over 1,800 MW of power to roughly 3 million customers in Mumbai and 500 MW of thermal power generation capacity. RInfra will utilise some of the funds to repay its debt and the remainder will be utilised for the company’s upcoming construction and infrastructure projects.