Following on the heels of its announcement to sell its transmission assets to Adani Group, Reliance Infrastructure today said it has signed a share purchase agreement with Adani Transmission for the sale of 100% of its Western Region System Strengthening Scheme Transmission Assets.
“SPA for Parbati Koldam Transmission Company Limited (PKTCL) shall be executed upon receipt of approval from Power Grid Corporation of India Limited (PGCIL) and other statutory approvals,” the Anil Ambani company said.
RInfra owns the country’s first 100% private sector transmission project – WRSSS B & C projects located in the state of Maharashtra, Gujarat, Madhya Pradesh and Karnataka. It also owns 74% in Parbati Koldam Transmission Company Limited (PKTCL) located in the state of Himachal Pradesh and Punjab in joint venture with PGCIL.
All three transmission projects are completed and revenue generating, the company said.
The entire sale proceeds shall be utilized for debt reduction, it added.
Under this transaction, ATL will acquire 100% ownership in WRSSS B & C and 74% ownership in PKTCL.
The transactions are subject to applicable regulatory approvals. SBI Capital Markets Limited was the financial advisors to RInfra for this transaction.
Source:rtn
