Anil Ambani Led Reliance Infrastructure has agreed to sell Mumbai power generation, transmission and distribution business to a unit of Adani Group.
Anil Ambani led Reliance Infrastructure has agreed to sell its Mumbai power generation, transmission and distribution business to a unit of Adani group. The deal was finalised for 18,800 crore rupees.
The deal will provide Reliance Group controlled by billionaire Anil Ambani with a 30 billion rupees cash surplus, Reliance Infrastructure said in a statement.
Adani Transmission Ltd, the power distribution arm of Adani Enterprises, will pay an initial 132.51 billion rupees for Reliance’s Mumbai power business and 55.50 billion rupees at a later date based on certain approvals, the Reliance statement said.
Reliance Group has previously announced plans to invest an undisclosed amount in its recently started aerospace defence manufacturing business as well as in its engineering, procurement and construction businesses.