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RInfra completes sale of Mumbai power business to Adani Group (Lead)

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Mumbai, Aug 29 (IANS) Reliance Infrastructure (RInfra) on Wednesday said that it has completed the Rs 18,800-crore sale of its Mumbai integrated distribution business to Adani Transmission (ATL), which will help RInfra reduce its debt by nearly two-thirds to Rs 7,500 crore.

At a media briefing here following a board meeting to approve the transfer of the Mumbai power business, RInfra Chairman Anil Ambani announced the closure of the deal which had been signed in December last year.

“For Reliance Infrastructure, this is truly a transformative transaction. The company’s gross debt will be reduced from about Rs 22,000 crore to only Rs 7,500 crore, representing a steep debt reduction of 65 per cent in a single transaction,” he said.

In the past eight months, the sale has received regulatory approvals from the Competition Commission of India, shareholders of the company and the Maharashtra Electricity Regulatory Commission.

RInfra and ATL had signed the Definitive Binding Agreement for 100 per cent stake sale of the integrated business of generation, transmission and distribution for Mumbai in December 2017.

Reliance Energy, operating the Mumbai power business, supplies to nearly three million residential, industrial and commercial consumers in the city suburbs covering an area of 400 sq km. It caters to a peak demand of over 1,800 MW, with annual revenues of Rs 7,500 crore with stable cash flows, the company had said.

Speaking of the company’s engineering and construction business, Ambani said that some of the showpiece projects in Rinfra’s order book include the Rs 7,000-crore Versova-Bandra Sealink, Mumbai Metro Line 4, Kudankulam Nuclear Power Project in Tamil Nadu and the integrated LNG Terminal and power project in Bangladesh.

–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

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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.

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