J. Sagar Associates (JSA) acted for Reliance Infrastructure Limited (RInfra) in its successful completion of the sale of its integrated Mumbai Power Division – electricity generation, transmission, and distribution business to Adani Transmission Limited (ATL) for a total consideration of Rs. 18,800 crores (approx. USD 2.65 billion), of which Rs. 13,800 crores (approx. USD 1.95 billion) received upfront has been utilized for the reduction of debt liabilities of RInfra and the remaining amount of estimated Rs. 5000 crores (approx. USD 706 million) will flow to RInfra subsequently towards regulatory assets under approval.
This is the largest ever debt reduction for any company in the power sector in India.
Our Competition Law team comprising of Partners - Amitabh Kumar and Vaibhav Choukse, Senior Associate - Unnati Agarwal and Ela Bali advised on the competition law filing and advisory for this transaction.