New Delhi, Feb 9 (IANS) The Competition Commission of India (CCI) on Wednesday approved the acquisition of Anil Ambani-led Reliance Infrastructures power transmission assets by Adani Transmission.
"CCI approves asset acquisition of WRTG (Western Region Transmission Gujarat), WRTM (Western Region Transmission Maharashtra) and acquisition of shares of PKTCL (Parbati Koldam Transmission Company Ltd) by Adani Transmission Limited," the Commission said in a tweet.
Reliance Infrastructure in October 2016 had announced that it is selling its entire transmission assets to Adani Transmission. Banking sources estimate the deal size at over Rs 2,000 crore.
Reliance Infrastructure owns the country's first 100 per cent private sector transmission project -- the Western Region System Strengthening Scheme -- in Maharashtra, Gujarat, Madhya Pradesh and Karnataka.
Reliance Infrastructure also owns 74 per cent in Parbati Koldam Transmission located in Himachal Pradesh and Punjab in a joint venture with Power Grid Corp.
The sale proceeds from the transaction will be utilised for debt reduction by Reliance Infrastructure.
Reliance Infrastructure is one of India's largest companies in the sector, developing projects through various special purpose vehicles in several high growth sectors such as power, roads and metro rail in the infrastructure space and the defence sector.
It is also a leading utility company having a presence across the value chain of power businesses -- generation, transmission, distribution and power trading.
Its portfolio includes a metro rail project in Mumbai and 11 road projects of 1,000 km.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
About VDC
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.