The Competition Commission of India (CCI) has given its approval for the proposed 100% sale of Reliance Infrastructure Limited’s (RInfra) integrated Mumbai Power Business to Adani Transmission Ltd (ATL), RInfra said in a statement on Monday. RInfra and ATL had signed definitive binding agreement for 100% stake sale of the integrated business of generation, transmission, and distribution of power for Mumbai in December 2017. The total consideration value is estimated at ₹18,800 crore and transaction is expected to be completed by March.
RInfra will utilise the proceeds of this transaction entirely to reduce its debt. Reliance Infrastructure’s Mumbai Power business (known as Reliance Energy) distributes power to nearly three 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 ₹ 7,500 crore.