Reliance Infrastructure has Paid All Outstanding Electricity Duty and Other Taxes of Rs. 2,640 Crore to Maharashtra Govt.
Deepthi | Myequity news | Date : 03-09-2018 21:00:00 IST
Reliance Infrastructure has paid all outstanding electricity duty and other taxes amounting to Rs. 2,640 crore to the Maharashtra Government last week on closure of deal to sell its Integrated Mumbai Power Distribution Business to Adani Transmission Ltd. (ATL).
Reliance Infrastructure had announced successful completion of the sale of its 100% shareholding in Integrated Mumbai Power Distribution Business to Adani Transmission Ltd on August 29, 2018.
The total transaction value of this transformational deal was Rs. 18,800 crore. Reliance Infrastructure has reduced debt liabilities by Rs. 13,800 crore from the deal proceeds. Regulatory Assets under Approval of Rs. 5,000 crore will flow entirely to Reliance Infrastructure making the Company debt-free in 2019.
This was the largest ever debt reduction for any company in power sector in India. With this deal, Reliance Infrastructure is set to achieve top-end ratings.About Reliance Infrastructure Limited:
Reliance Infrastructure Ltd is one of the largest infrastructure companies, developing projects through various Special Purpose Vehicles (SPVs) in several high growth sectors such as Power, Roads and Metro Rail in the Infrastructure space and the Defence sector. Reliance Infrastructure Limited is also a leading utility company having presence across the value chain of power businesses i.e. Generation, Transmission, Distribution and Power Trading.