 "Adani Group buys Reliance Infrastructure's transmission assets")
Anil Ambani-promoted Reliance Infrastructure Limited (RInfra) has sold its transmission assets to Adani Transmission Ltd (ATL), a part of Adani Group.
RInfra owns the country’s first 100-percent private sector transmission project - Western Region System Strengthening Scheme (WRSSS) - B&C projects located in Maharashtra, Gujarat, Madhya Pradesh and Karnataka. RInfra owns 74% in Parbati Koldam Transmission Company Limited (PKTCL) located in the state of Himachal Pradesh and Punjab in joint venture with Power Grid Corporation of India Limited (PGCIL). All three transmission projects are completed and revenue generating.
RInfra will use the entire sale proceeds for debt reduction.
The transaction is in line with RInfra’s strategic plan of monetising non-core business and focus on major growth areas like defence and EPC business. Monetisation of cement business has been completed and monetisation of roads & Mumbai power businesses are in advanced stage.
Gautam Adani, chairman of Adani Group, said, “Adani Transmission Ltd has grown its wings in transmission sector with a commitment to maintain its leadership position in the transmission sector of the country. With this acquisition, ATL will enjoy substantial benefit of scale driving and is in sync with the deep-rooted strategy of ATL to enhance the value for the stakeholders through both organic as well as inorganic growth.”
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