Reliance Infrastructure (RInfra) on Monday executed a business transfer agreement (BTA) for its "Western Region System Strengthening Scheme" (WRSSS) transmission undertakings.
According to the company, "WRSSS B & C" undertakings are being transferred to its two subsidiaries as part of the process to sell the businesses to Adani Transmission Limited (ATL).
Earlier, in December 2016, RInfra had entered into share purchase agreement with ATL for sale of WRSSS valuing the businesses at Rs 1,000 crore.
"All key approvals (CCI, CERC and lenders) have been obtained and transaction is expected to be closed shortly," the company said in a statement.
"The entire sale proceeds shall be utilised for debt reduction."
RInfra owns the country's first 100 per cent private sector transmission project -- WRSSS B and C -- projects located in the states of Maharashtra, Gujarat, Madhya Pradesh and Karnataka.
--IANS
rv/dg
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app