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MERC clears Reliance Energy sale to Adani Group

Power News - Published on Mon, 02 Jul 2018

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ET reported that MERC clears Reliance Energy sale to Adani Group The Maharashtra Electricity Regulatory Commission has approved the proposed 100 per cent stake sale of Reliance Infrastructure's (RInfra's) integrated Mumbai power business to Adani Transmission. An official said that following the MERC's clearance, the transaction, with a consideration value estimated at INR 18,800 crore, is expected to be closed in July. The development comes after MERC concluded its hearing into the matter and reserved its order on June 14.

RInfra, has already received the approval of the Competition Commission of India and its shareholders for the deal.

In December 2017, RInfra and ATL had signed a Definitive Binding Agreement for 100 per cent stake sale of the integrated business of generation, transmission and distribution of power for Mumbai.

RInfra will utilise the proceeds of this transformative transaction entirely to reduce its debt, becoming debt free, with up to INR 3,000 crore cash surplus, in what is the largest ever debt-reducing exercise by any Indian corporate.

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Posted By : Amom Remju on Mon, 02 Jul 2018
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