RInfra completes sale of Mumbai power business to Adani Group
Mumbai, Aug 29 : 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.
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Vinod Tawde seeks apology from Kharge, Rahul through legal notice, warns of defamation lawsuit
Cash-for-vote row
New Delhi, Nov 22: BJP leader Vinod Tawde has demanded an apology from Congress president Mallikarjun Kharge and the Leader of Opposition in Lok Sabha Rahul Gandhi for making "false and baseless" allegations against him in the cash-for-votes incident in Maharashtra, saying if they don't he would sue them for defamation.
Tawde was accused by Bahujan Vikas Aghadi, a regional party, of distributing Rs 5 crore to woo voters, with its members barging into a hotel room on November 19 in a Mumbai suburb, where the BJP leader was present.
The former Maharashtra minister and BJP national general secretary claimed innocence, saying the alleged amount was not recovered in the probe by the Election Commission and police.
"The Congress only believes in spreading lies, and this incident is a proof of the party's low level politics to dent me and my party's image," Tawde said.
The two Congress leaders and the party spokesperson Supriya Shrinate seized on the row to accuse the BJP of using money power to influence the November 20 assembly polls in the state.
The legal notice sent to the three claimed that they were aware that they were pushing a "totally false story fabricated" by them.
"You all have deliberately, mischievously with the sole intention of damaging the reputation of our client intentionally fabricated the story distribution of money. You all have published false, baseless allegations against our client on various media for tarnishing his image in the eyes of right thinking people in the society," the notice read.
The Congress leaders were in a "great hurry" to damage Tawde's reputation, they did not bother to check the fact and or despite knowing the entire fact they made the false, baseless allegations, it said.
"The entire imputation made by you all are totally false, baseless, malicious and mala fide and as our client is in no way involved in any such illegal activity and as a responsible office bearer of the national political party he is aware of his duties," it added.
The notice demanded an "unconditional apology" to Tawde within 24 hours from the time the receipt of the notice, which was sent on November 21, and published in newspapers and X.
If they do not offer apology, then Tawde will initiate criminal proceedings under Section 356, which covers defamation, of the Bharatiya Nyaya Sanhita and also civil proceedings for the damages of Rs 100 crore against the three Congress leaders, the notice said.
