Adani buys RInfra's Mumbai power biz for Rs 1,000 cr, aims to reduce debt

Adani Transmission on Wednesday said it had completed the acquisition of operational transmission assets of WRSS Schemes of Reliance Infra for Rs 1,000 crore. In effect, its power-wheeling network crossed the 8,500 circuit km mark.

"Adani Transmission Ltd (ATL) attains a new milestone of 8,500 ckt kms (circuit kilometres) of transmission lines in operation by completing the acquisition of operational transmission assets of Western Region Strengthening System Schemes (WRSSS) - B and C of Reliance Infrastructure Limited (R-Infra)," an ATL statement said.

It further said ATL completed the acquisition of 100 per cent stake of WRTM and WRTG, with operational transmission lines aggregating 3,063 ckt kms, with a deal valuation of Rs 1,000 crore.

This acquisition, the company said, is in sync with the ATL strategy to enhance the value of its stakeholders through organic as well as inorganic growth.

Assets of ATL include 28 sub-stations with more than 16,200 MVA of transformation capacity across the country.

Recently, the company entered into a period of exclusivity with Reliance Infrastructure till January 15, 2018, for discussions on the proposed acquisition of the integrated business of generation, transmission, distribution and retail of power for Mumbai, subject to confirmatory diligence, definitive documentation and customary approvals.

In a separate statement, Reliance Infrastructure said, "Sale of WRSSS transmission business is complete with deal valued at nearly Rs 1,000 crore. The entire proceeds from the stake sale shall be utilised for debt reduction."