According to the company, "WRSSS B & C" undertakings are being transferred to its two subsidiaries as part of the process to sell the businesses to Adani Transmission Limited (ATL).
Earlier, in December 2016, RInfra had entered into share purchase agreement with ATL for sale of WRSSS valuing the businesses at Rs 1,000 crore.
"All key approvals (CCI, CERC and lenders) have been obtained and transaction is expected to be closed shortly," the company said in a statement.
"The entire sale proceeds shall be utilised for debt reduction."
RInfra owns the country's first 100 per cent private sector transmission project -- WRSSS B and C -- projects located in the states of Maharashtra, Gujarat, Madhya Pradesh and Karnataka.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.
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