New Delhi: The Competition Commission has approved the acquisition of power transmission business of Anil Ambani-led Reliance Infrastructure by Adani group firm Adani Transmission.
As per the deal, R-Infra will sell its Western Region Transmission Gujarat project (WRTG) and the Western Region Transmission Maharashtra project (WRTM) to Adani Transmission.
The company will also sell its 74 per cent in Parbati Koldam Transmission Company (PKTCL) in Himachal Pradesh and Punjab to Adani Transmission. In a tweet today, the Competition Commission of India (CCI) said it has approved "asset acquisition of WRTG, WRTM and acquisition of shares of PKTCL by Adani Transmission Ltd".
In October last year, Reliance Infrastructure announced the signing of a binding term sheet with Adani Transmission Ltd (ATL) for 100 per cent stake sale of its transmission assets.
The deal was aimed at cutting consolidated debt of R-Infra, which stood at over Rs 25,000 crore as on March 31, 2016. R-Infra owns two electricity transmission lines spanning Maharashtra, Gujarat, Madhya Pradesh and Karnataka and has a 74 per cent stake in PKTCL covering Himachal Pradesh and Punjab.
PKTCL is a joint venture between R-Infra and Power Grid Corporation of India and is engaged in power transmission.
