RInfra signs agreement to transfer its WRSSS biz to Adani Transmission
Earlier in December last year, RInfra entered into a share purchase agreement with Adani Transmission for sale of WRSSS.
Mumbai: Anil Ambani-led Reliance Infrastructure (RInfra) on Monday said it has signed an agreement with Adani Transmission (ATL) to transfer its Western Region System Strengthening Scheme (WRSSS) power transmission assets.
"RInfra has signed a business transfer agreement for transfer of WRSSS," the company said in a statement issued here.
The WRSSS B and C projects, located in the states like Maharashtra, Gujarat, Madhya Pradesh and Karnataka, are being transferred to its two subsidiaries as part of process of sale of the businesses to ATL, it said.
Earlier in December last year, RInfra entered into a share purchase agreement with Adani Transmission for sale of WRSSS, valuing the businesses at Rs 1,000 crore.
"All key approvals from the Competition Committee of India, Central Electricity Regulatory Commission and lenders have been obtained and transaction is expected to be closed shortly. ATL will acquire 100 per cent ownership in WRSSS B and C," the company said.
RInfra, which is hiving off non-core businesses, said the entire sale proceeds shall be utilised for debt reduction.