Adani Transmission Raises Funds To Buy RInfra’s Mumbai Power Business

Adani Transmission Raises Funds To Buy RInfra’s Mumbai Power Business

Adani Transmission has tied up funds for its acquisition of the Mumbai power business from Reliance Infrastructure (RInfra), people, with direct knowledge of the development, said.

According to sources, Adani Transmission has arranged funds for the deal through a 15-year tenure loan, at an interest rate of 9.5 per cent. The loan had been extended through a consortium of lenders, including ICICI Bank, State Bank of India, and YES Bank, sources said.

In December, Adani Transmission and RInfra entered into a Definitive Binding Agreement with Adani for 100 per cent stake in the Mumbai power business, which includes integrated business of generation, transmission, and power distribution for Mumbai. The deal was valued at Rs 132.51 billion, of which business was valued at Rs 121.01 billion and regulatory assets approved was at Rs 11.50 billion. Read More

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