Reliance Infrastructure sells Mumbai power business to Adani Transmission for ₹18,800 crore

Reliance Infrastructure Ltd (RInfra) on Thursday said it has signed a definitive binding agreement to sell its Mumbai power business to Adani Transmission Ltd for Rs18,800 crore.

While initially the company will be paid Rs 13,251 crore, about Rs 5,000 crore will come into the company’s books after the successful resolution of certain regulatory issues, most likely in 2018-19, Reliance Infrastructure CEO Lalit Jalan told Mint.

He added that the deal is likely to close by March 2018.

The deal will see the Adani Group taking over the distribution of over 1,800 megawatt (MW) of power to roughly 30 lakh customers in Mumbai and 500MW of thermal power generation capacity.