Reliance Infra will sell 49 per cent equity stake in its integrated power business in Mumbai and adjoining areas to Canada’s Public Sector Pension Investment Board (PSP Investments). The company, a part of Anil Ambani led Reliance Group, will utilise proceeds of stake sale to reduce debt, it said in a regulatory
filing to BSE.
“Reliance Infrastructure Ltd (RInfra) announced the signing of a nonbinding term sheet with Public Sector Pension Investment Board, in relation to acquisition by PSP Investments of a 49 per cent equity stake in its integrated power generation, transmission and distribution business in the city of Mumbai and adjoining areas,” it added.
The specified business is to be carved out on a going concern basis into a separate SPV, in which RInfra will own the controlling 51 per cent stake, and PSP Investments will own 49 per cent.