Thursday, August 30, 2018

R Infra sells Mumbai power distribution business to Adani

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Reliance Infrastructure has sold its Mumbai power distribution business to Adani Transmission in a deal valued at Rs 18,800 crore. With this the debt of R Infra has come down to Rs 7500 Cr.

The company, which had a gross debt of about Rs 22,000 crore prior to the deal, has reduced its debt by Rs 13,800 crore from the deal proceeds and is now aiming to be debt free in another year, according to Reliance Group chairman Anil Ambani. In addition, they have over Rs 5,000 crore of cash inflows from past regulatory assets which will flow to Reliance Infrastructure and not to Adani. 

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