RINFRA signs Share Purchase Agreement with ATL

Reliance Infrastructure Limited (RInfra) has recently declared the signing of Share Purchase Agreement (SPA) with Adani Transmission Limited (ATL) for 100% stake sale of its Western Region System Strengthening Scheme (WRSSS) Transmission Assets. Under this transaction, ATL will acquire 100% ownership in WRSSS B & C and 74% ownership in PKTCL. The transactions are subject to applicable regulatory approvals. The deal excludes the expected upside from regulatory proceeds of various appeals of the assets. SPA for Parbati Koldam Transmission Company Limited (PKTCL) shall be executed upon receipt of approval from Power Grid Corporation of India Limited (PGCIL) and other statutory approvals.
RInfra owns the country’s first 100% private sector transmission project – WRSSS B & C projects located in the state of Maharashtra, Gujarat, Madhya Pradesh and Karnataka. RInfra owns 74% in Parbati Koldam Transmission Company Limited (PKTCL) located in the state of Himachal Pradesh and Punjab in joint venture with PGCIL. All three transmission projects are completed and revenue generating. The entire sale proceeds shall be utilized for debt reduction. SBI Capital Markets Limited is acting as the financial advisors to RInfra for this transaction.

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