RInfra Completes Sale of WRSSS Transmission Assets to 2 Arms | CORPORATE ETHOS

RInfra Completes Sale of WRSSS Transmission Assets to 2 Arms

By: | October 12, 2017
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Oct 12: Reliance Infrastructure Ltd (RInfra), part of the Anil Dhirubhai Ambani-owned Reliance Group, on Thursday, announced the completion of sale of its Western Region System Strengthening Scheme (WRSSS) Transmission Undertakings to its two subsidiaries.

Three days ago, RInfra had executed Business Transfer Agreement (BTA) for transfer of its WRSSS B & C Undertakings to its two subsidiaries as part of process of sale of the businesses to Gujarat-based Adani Group’s transmission business arm Adani Transmission Ltd.

It was in December 2016, RInfra entered into Share Purchase Agreement (SPA) with Adani Transmission Ltd for sale of WRSSS Transmission Assets of approximately 3100 Ckt kms in the states of Gujarat and Maharashtra which is valued at Rs 1,000 crore. The entire sale proceeds shall be utilized for debt reduction, according to the company.

RInfra shares closed trading in red at Rs 464.95, down 0.17% from the previous closing of Rs 465.75, on BSE today.