The “Competition Commission of India (CCI)” has approved the procurement of power transmission business of Anil Ambani-led “Reliance Infrastructure” by Adani Group concern firm “Adani Transmission.” As per the deal, Reliance Infra is going to sell its Western Region Transmission Maharashtra project (WRTM) and the Western Region Transmission Gujarat project (WRTG) to Adani Transmission.
Reliance Infra will also sell its 74% in the Parbati Koldam Transmission Company (PKTCL) located in Punjab and Himachal Pradesh to Adani Transmission.
In a recent tweet, the Competition Commission of India (CCI) said it has approved the “asset acquisition of WRTM, WRTG and acquisition of the shares of PKTCL by Adani Transmission Ltd.”
In 2016, Reliance Infrastructure declared the signing of a binding term sheet with Adani Transmission Ltd (ATL) for a 100% stake sale of its transmission assets. The deal was aimed at reducing consolidated debt of R-Infra, which was over Rs 25,000 cr as on the first quarter of 2016.
Presently, R-Infra owns two electricity transmission lines spanning Gujrat, Maharashtra, Madhya Pradesh and Karnataka and has over 74% stake in PKTCL covering Punjab and Himachal Pradesh.
PKTCL is a joint venture between R-Infra and Power Grid Corporation of India (PGCI) and is engaged in power transmission.
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