For sale of its transmission assets
Reliance Infrastructure announced the signing of a binding Term Sheet with Adani Transmission (ATL) for 100% stake sale of its Transmission Assets.RInfra owns the country's first 100% private sector transmission project - Western Region System Strengthening Scheme (WRSSS) - B & C projects located in the state of Maharashtra, Gujarat, Madhya Pradesh and Karnataka. RInfra owns 74% in Parbati Koldam Transmission Company (PKTCL) located in the state of Himachal Pradesh and Punjab in joint venture with Power Grid Corporation of India (PGCIL). All three transmission projects are completed and revenue generating.
The entire sale proceeds shall be utilized for debt reduction.
The transaction is in line with the strategic plan of monetizing non-core business and focus on major growth areas like Defence and EPC business. Monetisation of Cement business has been completed and monetisation of Roads & Mumbai Power businesses are in advanced stage.
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