RInfra transfers western region ops to its arms ahead of sale to Adani

Sale proceeds to be used for debt reduction

Anil Ambani-led Reliance Infrastructure (RInfra) on Sunday said it is transferring the Western Region System Strengthening Scheme (WRSSS) Transmission Undertakings to two of its subsidiaries and has signed a Business Transfer Agreement for the same.

In a release, the company said WRSSS B & C Undertakings are being transferred to its two subsidiaries as part of the process to sell the businesses to Adani Transmission Limited. 

Earlier in December 2016, RInfra has entered into share purchase agreement with Adani Transmission Limited for sale of WRSSS valuing the businesses at Rs 1,000 crore. All key approvals (CCI, CERC and lenders) have