Nod to sell stakes of Reliance Infra power to ATL

The agreement was sealed at an estimated value of Rs18,800 crore.

The Electricity Regulatory Commission MAHARASHTRA (MERC) on Thursday approved the sale of Reliance Issues The integrated business of Mumbai in the infrastructure sector of Adani Transmission Ltd. (ATL). The Commission gave a final nod to the transfer of license under subsection 17 (3) of the Electricity Act which states that no licensee shall at any time give up his license. permit or transfer its public service in whole or in part. otherwise without the prior approval of the appropriate commission. The green light of the commission has formalized the transaction, whose agreement was signed last December.

"Following the agreement of the commission, the transaction is expected to be finalized in July 2018. Reliance Infrastructure Ltd has already received approval from the Competition Commission of India (ICC) and its shareholders for the case, "read a statement from Reliance Infra.

MERC had held a public hearing in the case on June 14 but reserved his judgment. Reliance Infra sells its integrated power generation business in Mumbai – generation, transmission and distribution of electricity in the city and suburbs – to Adani Transmission Limited (ATL). The agreement was sealed at an estimated value of Rs18,800 crore. While a final binding agreement was signed on Dec. 21 between the two, the sale was pending a final nod from the regulatory commission.

MERC approved the sale of 100% Reliance Electric Reliance subsidiary Reliance Electric Generation to ATL under certain conditions. One of the conditions set by the Commission is that there will be no adverse tariff impact on the transaction.

The Commission asked both parties to implement the order and confirm a set date.

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