For investment in its Mumbai power distribution business
Reliance Infrastructure announced the signing of a nonbinding Term Sheet with the Public Sector Pension Investment Board (PSP Investments), one of the largest pension fund managers in Canada with C$112.0 billion of net assets under management as of 31 March 2015, in relation to the acquisition by PSP Investments of a 49% equity stake in the Company's integrated power generation, transmission and distribution business in the city of Mumbai and adjoining areas.The specified business is to be carved out on a going concern basis into a separate SPV, in which RInfra will own the controlling 51% stake, and PSP Investments will own 49%.
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