Reliance Infrastructure (RInfra) has received shareholders’ approval for sale of its integrated Mumbai power business to Adani Transmission for Rs 18,800 crore. The company said it will utilise the proceeds entirely to reduce its debt.
RInfra and Adani Transmission had signed definitive binding agreement for 100% stake sale of the integrated business of generation, transmission and distribution of power for Mumbai in December 2017.
RInfra is one of the largest infrastructure companies, developing projects through various Special Purpose Vehicles (SPVs) in several high growth sectors such as Power, Roads and Metro Rail in the Infrastructure space and the Defence sector.
