Reliance Infrastructure Ltd (RInfra) has done an agreement with Adani Transmission Ltd (ATL) for 100 per cent stake sale of Mumbai Power Business in a deal valued at Rs 13,251 crore. This includes integrated business of generation, transmission and distribution of power for Mumbai. The deal value comprises business valued at Rs 12,101 crore and regulatory assets approved so far of Rs 1,150 crore.

"In addition, regulatory assets under approval estimated at Rs 5,000 crore and net working capital on closing estimated at Rs 550 crore will flow directly to RInfra. Total consideration value is estimated at Rs 18,800 crore," RInfra said in a statement. "RInfra will utilise the proceeds of this transformative transaction entirely to reduce its debt, becoming debt-free and up to Rs 3,000 crore cash-surplus," it added.

Reliance Infrastructure’s Mumbai power business (known as Reliance Energy) is India’s largest private sector integrated power utility distributing power to nearly 3 million residential, industrial and commercial consumers in the suburbs of Mumbai, covering an area of 400 sq km. It caters to a peak demand of over 1,800 MW, with annual revenues of Rs 7,500 crore. "Going forward, RInfra will focus on upcoming opportunities in the asset-light EPC and Defence businesses," the company said.