You are here: Home » Companies » News
Business Standard

Reliance Infra, Adani Transmission in talks for integrated Mumbai power biz

According to Adani Transmission, the proposed transaction will strengthen its footprint in the power transmission sector and also mark its foray into the distribution space

Press Trust of India  |  New Delhi 

Reliance Group Chairman Anil Ambani. Photo: PTI
Reliance Group Chairman Anil Ambani with his son Anmol. Photo: PTI

has entered into a period of exclusivity with for proposed sale of its integrated business of generation, transmission and distribution of power for Mumbai.

In a regulatory filing on Tuesday, said, "It has entered into a period of exclusivity until January 15, 2018, in relation to discussions for the proposed sale of its integrated business of generation, transmission and distribution of power for Mumbai city to "

The proposed transaction is subject to confirmatory diligence, definitive documentation and customary approvals.

"Accordingly, there can be no certainty that a transaction will result. Further announcements will be made at an appropriate stage," added.

The Anil Ambani-led intends to utilise the proceeds of the proposed transaction entirely to reduce its debt and further strengthen its financial position to tap mega growth opportunities in defence and EPC (engineering, procurement, construction) for the infrastructure sector.

According to Adani Transmission, the proposed transaction will strengthen its footprint in the sector and also mark its foray into the distribution space.

First Published: Tue, October 10 2017. 12:08 IST
RECOMMENDED FOR YOU