Reliance Infra executes 100% sale of WRSS Transmission to Adani Transmission
Under the agreement, Adani will acquire 100% ownership in Western Region System Strengthening Scheme (WRSSS) and 74% ownership of Parbati Koldam Transmission Company Limited (PKTCL).
Agreement for PKTCL will be executed upon receipt of approval from Power Grid Corp and other statutory approvals.
Reliance Infra is 100% and 74% owner of both the transmission assets offered to Adani. These transmission projects have been completed and are revenue generator for RInfra.
The entire proceeds will be utilized for debt reduction by Reliance Infra.
For this transaction, SBI Capital Markets acted as the financial advisors to RInfra.
On October 06, 2016, Reliance Infra had decided to sell power transmission business to Adani.
Shares of RelInfra was trading at Rs 479.05 per share on BSE, up by 0.42%.
However, shares of Adani Transmission was at Rs 59.75 per share down by 1.65%.