Reliance Infra in talks with Adani to sell Mumbai power business

Reliance Infra in talks with Adani to sell Mumbai power business”

Reliance Infrastructure, controlled by the Anil Ambani group, has entered into a period of exclusivity with Adani Transmission for proposed sale of its integrated business of generation, transmission and distribution of power for Mumbai.

Moody's is not taking any rating action at this stage given that no binding offer has been made and the uncertainty around the ultimate final terms of any potential offer, it added. Through monetization of its various businesses and arbitration award, RInfra expects its standalone debt levels to reduce substantially to around Rs 10,000 crore by March 2018.

Meanwhile, the S&P BSE Sensex was up 81.17 points or 0.25% at 31,928.06.

Shares of RELIANCE INFRASTRUCTURE LTD. was last trading in BSE at Rs.477.1 as compared to the previous close of Rs. 471.65. The stock had hit a 52-week low of Rs 40 on 9 November 2016. The stock had also outperformed the market over the past one quarter, gaining 36.89% as against the Sensex's 1.55% rise. Accordingly, there can be no certainty that a transaction will result.

The proposed acquisition is subject to several conditions, including satisfactory due diligence, execution of a documentation, and certain approvals.

Adani Transmission's proposed exclusivity agreement to acquire the power generation, transmission and distribution assets of Reliance Infrastructure would be incidental on right valuation of assets as experts believe anything above two times the regulated equity of Rs 3,500 crore would be negative for the company. The proposed transaction would further strengthen ATL's footprint in power transmission sector while marking its maiden foray into the power distribution sector.

Earlier, in December 2016, RInfra had entered into share purchase agreement with ATL for sale of WRSSS valuing the businesses at Rs 1,000 crore.

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