Afternoon Voice

RInfra board to meet today to approve transfer of Mumbai power biz to Adani

Reliance Infrastructure (RInfra) said its board will meet today to consider and approve the transfer of integrated Mumbai power business to Adani Transmission.

RInfra said it has obtained all relevant approvals from fair trade regulator Competition Commission of India (CCI), shareholders of the company, Maharashtra Electricity Regulatory Commission, and others for sale of Mumbai power business to Adani Transmission for Rs 18,800 crore.

“A meeting of the board of directors of the company has been convened today, August 29, 2018, to consider and approve, inter-alia, the transfer of integrated Mumbai power business to Adani Transmission,” Reliance Infrastructure said in a BSE filing.

Last week, Reliance Infrastructure had defaulted on payment of redemption of non-convertible debentures (NCDs) amounting to Rs 133.38 crore.

The company had, however, said it expects to make these payments in the next few days from the proceeds from of Mumbai power business to Adani Transmission.

All lenders have provided their no objection certificates (NOCs), and the company expects to close the transaction within the next few days, it had said.

Shares of RInfra were trading 1 per cent higher at Rs 427.20 apiece on BSE.