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Reliance Infrastructure proposes sale of power business for Mumbai city

Capital Market 

To Adani Transmission

Infrastructure has entered into a period of exclusivity until 15 January 2018 in relation to discussion for the proposed sale of its integrated business of generation, transmission and distribution of power for City to Adani Transmission.

The proposed Transaction is subject to confirmatory diligence, definitive documentation, and customary approvals. Accordingly, there can be no certainty that a transaction will result. Further announcements will be made at an appropriate stage.

RInfra intends to utilize the proceeds of the proposed transaction entirely to reduce its debt, and further strengthen its financial position to tap mega growth opportunities in Defence and EPC for the infrastructure sector.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, October 10 2017. 11:49 IST