RInfra moves Maharashtra power regulator to transfer Mumbai business assets

Timely approval of the deal is crucial for the company, as it plans to use proceeds from the deal to retire debt

Anil Ambani-controlled Reliance Infrastructure on Tuesday said it has moved an application before Maharashtra Electricity Regulatory Commission (MERC) for its approval to assign RInfra's Transmission and Distribution Licenses and transfer the integrated Mumbai Power Business to Adani Transmission.

The transfer will be executed through a sale of a wholly-owned subsidiary Reliance Electric Generation and Supply Limited (REGSL). “RInfra has sought approvals from MERC for assigning its Licenses and transfer the businesses to RInfra’s wholly-owned subsidiary REGSL, which will then acquired by Adani Transmission,” the company said in a statement to BSE.

In December, RInfra had signed a definitive binding agreement