RInfra, Adani may close Reliance Energy Mumbai sale by July
Mumbai, June 14: The Maharashtra Electricity Regulatory Commission (MERC) on Thursday completed its hearing in the proposed 100 per cent stake sale of Reliance Infrastructure Ltd (RInfra)'s integrated Mumbai power business to Adani Transmission Ltd (ATL), an official spokesperson said.
The MERC's order in the matter is likely over the next few weeks and the two companies expect to close the transaction, estimated at Rs 18,800 crore, next month.
The RInfra has already secured the approval of Competition Commission of India and its own shareholders for the deal.
The RInfra and ATL signed a Definitive Binding Agreement for 100 per cent stake sale of the integrated business of generation, transmission and distribution of power for Mumbai last December.
The 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.
This is the largest ever debt-reducing exercise by any corporate in the country and the monetisation is a major step in RInfra's de-leveraging strategy for future growth.
The RInfra's Mumbai power business, Reliance Energy, is India's largest private sector integrated power utility distributing power to nearly three million residential, industrial and commercial consumers in Mumbai suburbs over 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.
Going forward, RInfra will focus on upcoming opportunities in asset light EPC and defence businesses.
For its defence business, the company has set up the Dhirubhai Ambani Aerospace Park at MIHAN in Nagpur to manufacture the Rafale fighter jets with French collaboration, besides the Reliance Naval & Engineering Ltd, which houses India's largest dry dock facility to build warships and other naval ships.
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RSS remarks case: Lyricist Javed Akhtar acquitted as complainant withdraws case
Mumbai (PTI): A Mumbai court has acquitted veteran lyricist Javed Akhtar in a defamation case against him over his alleged objectionable remarks on the Rashtriya Swayamsevak Sangh (RSS) as the complainant has withdrawn the case.
Judicial Magistrate (First Class), Mulund, S D Chakkar, on November 8 disposed of the case as withdrawn.
A copy of the order was made available on Monday.
Advocate Santosh Dubey, who claims to be an RSS supporter, filed a complaint against Akhtar before the magistrate court in October 2021 for the offences under sections 499 (defamation) and 500 (punishment for defamation) of the Indian Penal Code.
He had alleged that Akhtar in a television interview unnecessarily dragged the name of the RSS and defamed the Nagpur-based organisation in a "calculated and well planned move".
As per the complaint, Akhtar, in the TV interview, had allegedly drawn parallels between the Taliban and Hindu extremists in the backdrop of the radical outfit seizing power in Afghanistan.
However, Dubey recently filed another plea before the magistrate to withdraw the complaint against Akhtar.
The complainant told the court that the "matter is settled between the parties in mediation" and therefore, he "does not want to prosecute the accused".
Hence, the court acquitted the lyricist and disposed of the case as withdrawn.
