Reliance Infrastructure (RInfra) announces the signing of Share Purchase Agreement (SPA) with Adani Transmission (ATL) for 100% stake sale of its Western Region System Strengthening Scheme (WRSSS) Transmission Assets.

SPA for Parbati Koldam Transmission Company Limited (PKTCL) shall be executed upon receipt of approval from Power Grid Corporation of India (PGCIL) and other statutory approvals.

Under this transaction, ATL will acquire 100% ownership in WRSSS B & C and 74% ownership in PKTCL. The transactions are subject to applicable regulatory approvals.

The deal excludes the expected upside from regulatory proceeds of various appeals of the assets.

RInfra owns the country’s first 100% private sector transmission project-WRSSS B & C projects located in the state of Maharashtra, Gujarat, Madhya Pradesh and Karnataka. RInfra owns 74% in Parbati Koldam Transmission Company Limited (PKTCL) located in the state of Himachal Pradesh and Punjab in joint venture with PGCIL. All three transmission projects are completed and revenue generating.

The entire sale proceeds shall be utilized for debt reduction. SBI Capital Markets is acting as the financial advisors to RInfra for this transaction.

Shares of the company gained Rs 1.75, or 0.37%, to trade at Rs 478.80. The total volume of shares traded was 103,646 at the BSE (12.54 p.m., Wednesday).