Reliance Infra signs agreement with Adani Transmission for stake sale of power business

Reliance Infrastructure Ltd signed Definitive Binding Agreement with Adani Transmission Limited (ATL) for 100% stake sale of its Mumbai Power Business which includes integrated business of generation, transmission and distribution of power for Mumbai.

Total Deal value is at INR 13,251 crore. This comprises of business valued at INR 12,101 crore and regulatory assets approved so far of Rs. 1,150 crore.

In addition, regulatory assets under approval estimated at INR 5,000 crore and net working capital on closing estimated at INR 550 crore will flow directly to RInfra.

Total consideration value is estimated at Rs. 18,800 crore.

The stock of Reliance Infrastructure was up by 5% at Rs. 489.

The stock has hit a high of Rs. 498 and a low of Rs. 457.

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Yash Ved
Yash Ved is a Senior Correspondent at NewsBarons and comes with a decade of experience across leading online and offline publications. A keen observer of the stock index movement, Yash also likes covering Real Estate and the BFSI sector. A financial management and Journalism student, Yash believes learning as a continuous journey and enjoys following the IT and the Pharmaceutical industry and has penned many articles on the subjects.
yash@newsbarons.com