Mumbai Oct 9 (IANS) Reliance Infrastructure (RInfra) on Monday executed a business transfer agreement (BTA) for its "Western Region System Strengthening Scheme" (WRSSS) transmission undertakings.
According to the company "WRSSS B & C" undertakings are being transferred to its two subsidiaries as part of the process to sell the businesses to Adani Transmission Limited (ATL).
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.
"All key approvals (CCI CERC and lenders) have been obtained and transaction is expected to be closed shortly " the company said in a statement.
"The entire sale proceeds shall be utilised for debt reduction."
RInfra owns the country s first 100 per cent private sector transmission project -- WRSSS B and C -- projects located in the states of Maharashtra Gujarat Madhya Pradesh and Karnataka.
--IANS
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