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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Inappropriate for MLAs seeking free IPL tickets, says D.K. Suresh
Bengaluru: Bengaluru Milk Union Ltd President D.K. Suresh on Monday said it is inappropriate for MLAs to seek free IPL tickets, adding that those interested in watching matches should pay for them personally.
Speaking to reporters near his residence in Sadashivanagar, he said, “IPL is a commercial tournament and does not represent the country. It is not right for public representatives to focus too much on such matters.”
Referring to the recent controversy during the RCB celebrations, he said, “let us find out who benefited the most from the statements made during the incident.” He also pointed out that BJP MLAs had received IPL tickets as well.
Responding to discussions about relocating the Chinnaswamy Stadium, Suresh said the government has already approved the construction of a new stadium at a location he had proposed.
“I had suggested building a stadium in Surya City and submitted a proposal for it. Bengaluru needs four stadiums in four directions to cater to its growing population and encourage youth participation in sports,” he said.
He noted that apart from Kanteerava Stadium, KSCA, and the Football Stadium, there are limited facilities in the city.
“When I was a Lok Sabha member, I had proposed allocating 100 acres in my constituency at Surya City. The land was later earmarked and the plan approved,” he added.
Suresh said he has discussed the project with Minister Zameer Ahmed Khan, Rajiv Gandhi Housing Corporation Chairman Shivalingegowda, and Anekal MLA Shivanna.
“The Cabinet has now approved the project, and a stadium will be developed on around 50–60 acres,” he said.
He further added that he has requested the Deputy Chief Minister to build another stadium at Shivarama Karanth Layout through the BDA, where 40 acres have been allocated. Plans are also being discussed to develop a well-equipped stadium in Bidadi.
Commending state government's recent bilingual policy move, Suresh said forcing children to learn three languages could affect their comprehension.
“It is a good decision to make two languages compulsory. Learning a third language should be left to the choice of students and parents,” he said.
Responding to criticism from BJP leaders, he said their tendency is to oppose every decision of the government.
“To please their central leadership, they take a pro-Hindi stance. Instead, they should advocate for the adoption of Kannada in all states,” he said.
When asked about the earlier three-language policy under Congress, he said, “the situation is different now. Today, the focus should be on quality learning. Kannada should remain the primary language, while students and parents can choose an additional language.”
