India sell Mumbai power generation and transmission distribution business
Reliance Infrastructure, a subsidiary of Reliance Group, has said it has agreed to sell Mumbai's power generation, transmission and distribution business to Adani Group's transmission companies for about Rs 188 billion.
Reliance Infrastructure said in a statement that the deal will provide a cash surplus of Rs 30 crore for Reliance Group, a billionaire controlled by Ani al-Ambani.
Earlier, Reliance Group announced plans to invest in its recently started aerospace defense manufacturing operations and engineering, procurement and construction operations. Investment amount not disclosed.
Alini Power Transmission will initially pay Rs 135.51 billion and later pay Rs 55.5 billion based on the specific approval.
In the third quarter of this year, Reliance Infrastructure posted a net profit of Rs 5.44 billion and total debt of Rs 140 billion.