New Delhi, Oct 12 (PTI) Anil Ambani-led Reliance Infrastructure (RInfra) today announced completion of sale of its Western Region System Strengthening Scheme (WRSSS) Transmission Undertakings to its two subsidiaries.
RInfra announces the completion of sale of its WRSSS Transmission Undertakings to its two subsidiaries, a company statement said.
Earlier this month, the RInfra 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 Adani Transmission Ltd.
Last year in December, RInfra had entered into Share Purchase Agreement with Adani Transmission Ltd for sale of WRSSS valuing the businesses at Rs 1,000 crore.
“All key approvals (CCI, CERC and lenders) have been obtained and transaction is expected to be closed shortly.
The entire sale proceeds shall be utilised for debt reduction”, it had said in a statement earlier this week.
This is published unedited from the PTI feed.