Anil Ambani-led Reliance Infrastructure has announced entering into a period of exclusivity until January 15, 2018 with Adani Transmission Ltd (ATL) for its flagship Mumbai distribution business valued at Rs 10,000-13,000 crore.

The proposed transaction is subject to confirmatory diligence, definitive documentation, and customary approvals, the company said in a statement.

There can be no certainty that a transaction will result, it added.

Adani Group was earlier named as one of several potential buyers of RInfra's Mumbai distribution business, with other players being interested in the asset being renewable energy firm Greenko, backed by Singapore's GIC and Abu Dhabi Investment Authority, CLP Group, Tata Power, Torrent Power and Fairfax Group.

So far only Greenko had confirmed it was it talks with Reliance Group for the asset.

In 2015, RInfra was in talks with Public Sector Pension Investment Board (PSP Investments) of Canada for the sale of stake in Mumbai business. However, the talks did not result in a deal.

Entering into exclusivity agreement with Adani group would mean that RInfra will not hold talks with any other perspective buyers till the period is over (or in case it is extended further).

RInfra has been operating its Mumbai distribution business for the last 9 years and has a licence valid till August 2036. The company serves around 3 million customers and is considered one of India's largest private sector integrated power utilities combining 1,800 MW of power distribution, 500 MW power generation at Dahanu and 540 circuit kms 220 kV transmission line.

Mumbai distribution's aggregate technical and commercial (AT&C) losses, according to RInfra, are at the level of 8.9 per cent compared to India's average of around 22 per cent.

For transfer of assets to the new owner, the company is likely to seek approvals from the Maharashtra Electricity Regulatory Commission (MERC) and other authorities.

RInfra will be looking at utilising the proceeds of the proposed transaction entirely to reduce its Rs 20,000 debt, and tackle opportunities in other sectors like EPC and Defence, the company added.