Reliance Infrastructure (RInfra) announces the signing of Business Transfer Agreement for transfer of its Western Region System Strengthening Scheme (WRSSS) Transmission Undertakings.

WRSSS B & C Undertakings are being transferred to its two subsidiaries as part of process of sale of the businesses to Adani Transmission. Earlier in December 2016, RInfra has entered into Share Purchase Agreement with Adani Transmission Limited for sale of WRSSS valuing the businesses at Rs 10 billion.

All key approvals (CCI, CERC and lenders) have been obtained and transaction is expected to be closed shortly.

The entire sale proceeds shall be utilized for debt reduction.

Shares of the company gained Rs 5.45, or 1.16%, to trade at Rs 477.10. The total volume of shares traded was 237,291 at the BSE (3.43 p.m., Monday).