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Merc reserves order on RInfra-Adani deal

Press Trust of India  |  Mumbai 

The Electricity Regulatory Commission (Merc) today concluded its hearing on the proposed sale of Reliance Infrastructure's power distribution business to for an estimated Rs 18,800 crore.

The regulator, however, reserved its order on the matter, which is expected to be delivered in the next few weeks, (RInfra) said in a statement.

The Anil Ambani group-run company has already received approvals from the Competition Commission of (CCI) and the shareholders for the 100 per cent stake sale in Reliance Energy, which it now expects to close by next month.

RInfra and the Adanis had signed definitive agreement for sale last December for a consideration of Rs 18,800 crore, the company said, adding it will use the proceeds from sale to retire its entire debt and become a Rs 3,000-crore cash surplus entity.

RInfra's power business, known as Reliance Energy, is one of the largest private sector integrated power utility, distributing power to nearly three million residential, industrial and commercial consumers in the suburbs of Mumbai, covering an area of 400 sq km, catering to a peak demand of over 1,800 mw with an annual revenue of Rs 7,500 crore.

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

First Published: Thu, June 14 2018. 15:46 IST