The transaction for the sale of Integrated Mumbai Distribution Business of Anil Ambani-led Reliance Infrastructure to Adani Transmission will be closed by next week, the company said here on Monday.
The companies have entered into a definitive binding agreement in December 2017 and all regulatory approvals required for the ₹18,000-crore deal to go through have been received.
To reduce debt
Reliance Infrastructure intends to use the proceeds to reduce its debt of around ₹15,000 crore and become a ₹3,000-crore cash surplus company.
EPC and Defence will be the two major verticals the company will focus on going forward, Reliance Infrastructure spokesperson noted earlier.
Reliance Infrastructure’s Mumbai Power business (known as Reliance Energy) is an integrated power utility distributing power to nearly 3 million residential, industrial and commercial consumers in the suburbs of Mumbai, covering 400 sq km.