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CCI approves sale of RInfra’s Mumbai power business to Adanis
Mumbai, Feb 12 (IANS) Fair trade regulator Competition Commission of India (CCI) has approved the sale of Reliance Infrastructure’s (RInfra) Mumbai power business to Adani Transmission Ltd, RInfra announced on Monday.
In a release here, RInfra said it had signed the binding agreement for the sale of its integrated Mumbai power business in December 2017. The transaction was expected to be completed by March.
The CCI “has approved sale of RInfra’s Mumbai power business to Adani Transmission Ltd (ATL),” the statement said.
Announcing the largest-ever debt reduction exercise by an Indian corporate, RInfra said in December that it has signed a definitive agreement for 100 per cent sale of its Mumbai power business to ATL for a total consideration of Rs 18,800 crore.
While the total deal value of the sale of the Mumbai power utility, Reliance Energy, is Rs 13,251 crore, regulatory assets estimated at Rs 5,000 crore and net working capital on closing estimated at Rs 550 crore would also accrue to RInfra as part of the agreement.
Total deal value is at Rs 13,251 crore, which comprises of business valued at Rs 12,101 crore and regulatory assets approved so far of Rs 1,150 crore.
In addition, regulatory assets under approval estimated at Rs 5,000 crore and net working capital on closing estimated at Rs 550 crore will flow directly to RInfra, it said.
“RInfra will utilise the proceeds of this transformative transaction entirely to reduce its debt, becoming debt-free and up to Rs 3,000 crore cash surplus,” a statement said.
Describing the deal as the largest ever debt reducing exercise by any corporate, RInfra said that monetisation of the Mumbai power business is a major step in the company’s deleveraging strategy for future growth.
“Reliance Infra’s Mumbai power business is India’s largest private sector integrated power utility distributing power to nearly three million residential, industrial and commercial consumers…, covering an area of 400 sq km,” the statement added.
The Mumbai utility caters to a peak demand of over 1,800 MW, with annual revenues of Rs 7,500 crore.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.