Reliance Infrastructure Completes Stake Sale In Power Transmission Project To India Grid For Rs 900 Crore
Reliance Infrastructure Ltd. said it has completed the sale of its entire 74% stake in Parbati Koldam Transmission Co. to India Grid Trust for Rs 900 crore.
The proceeds will be utilised for debt reduction, and the company's dues will come down by 6% to Rs 13,100 crore from Rs 14,000 crore.
"Reliance Infrastructure Limited announces the successful completion of the sale of its entire 74% equity stake in PKTCL to India Grid Trust Ltd. for an enterprise value of Rs 900 crore," the company said in a statement.
Reliance Infra owned 74% stake in PKTCL located in Himachal Pradesh and Punjab in a joint venture with Power Grid Corporation of India Ltd.
The deal was announced in November 2020 with the signing of a definitive binding agreement between Reliance Infra and India Grid Trust and has now been completed with the transfer of shares of PKTCL and receipt of sale consideration.
The total transaction value is Rs 900 crore. The entire sale proceeds are being utilised for debt reduction, it added.