 "In six of seven instances, the auditor said the deposits or withdrawals made override the accounting standards")
Reliance Infrastructure on Saturday said it has completed the sale of its entire 74 per cent stake in PKTCL to India Grid Trust for Rs 900 crore.
The proceeds will be utilised for debt reduction, and the company's dues will come down by 6 per cent to Rs 13,100 crore from Rs 14,000 crore.
"Reliance Infrastructure Limited (RInfra) announces the successful completion of the sale of its entire 74 per cent equity stake in Parbati Koldam Transmission Company Limited (PKTCL) to India Grid Trust (IndiGrid) for an enterprise value of Rs 900 crore," the company said in a statement.
RInfra owned 74 per cent stake in Parbati Koldam Transmission Company Limited located in Himachal Pradesh and Punjab in a joint venture with Power Grid Corporation of India Limited (PGCIL).
The deal was announced in November 2020 with the signing of a definitive binding agreement between RInfra and IndiGrid and has now been completed with the transfer of shares of PKTCL and receipt of sale consideration.
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IndiGrid is India's first power sector Infrastructure Investment Trust, owning AAA-rated power transmission assets in India. With this acquisition, IndiGrid owns 12 operating power transmission assets with a total AUM of over Rs 14,500 crore, the statement said.
The total transaction value is Rs 900 crore. The entire sale proceeds are being utilised for debt reduction, it added.
RInfra is one of the largest infrastructure companies, developing projects through various special purpose vehicles (SPVs) in several high growth sectors such as power, roads and metro rail in the infrastructure space and defence.
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