Mumbai Nov 1 (IANS) Reliance Infrastructure (RInfra) on Wednesday announced it has completed the sale of the operational transmission assets of WRSS Schemes to Adani Transmission for Rs 1 000 crore.
"The entire proceeds from the stake sale in Western Region System Strengthening Scheme (WRSSS) transmission undertakings shall be utilized for debt reduction " RInfra said in a release here.
Last month RInfra had signed a business transfer agreement with Adani Transmission Ltd (ATL) in this regard.
The country s first 100 per cent private sector transmission project -- WRSSS B and C -- projects are located in Maharashtra Gujarat Madhya Pradesh and Karnataka.
In December 2016 RInfra had entered into a share purchase agreement with ATL which in a separate statement said: "Adani Transmission attains a new milestone of 8 500 ckt kms (circuit kilometre) of transmission lines in operation by completing the acquisition of operational transmission assets of Western Region Strengthening System Schemes (WRSSS) - B and C of Reliance Infrastructure."
--IANS
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