Canada-based Public Sector Pension Investment Board has
signed a non-binding term sheet with Reliance Infrastructure, an Anil
Ambani Group company, for acquiring a 49 % equity stake in the
company’s integrated power generation, transmission and distribution
business, which serves the Mumbai region.
The exclusivity agreement
between the companies will be valid till March 31, 2016.
The
specified business would be carved out of Reliance Infrastructure
(RInfra) into a separate special purpose vehicle (SPV).
In the SPV,
RInfra will have a controlling 51 per cent stake and Public Sector
Pension Investment Board (PSP Investments), one of Canada’s largest
pension fund managers, will own 49 per cent.
The
Mumbai power business of RInfra, known as Reliance Energy, serves a peak
demand of over 1,800 MW and had clocked revenues of ₹7,700 crore in
FY15. Industry sources said that enterprise value of the Reliance Energy
is about ₹15,000 crore. RInfra will sell 49 % equity to PSP
Investments for ₹3,500 crore.
RInfra debt will
reduce by 70 % from ₹16,000 crore to ₹5,000 crore.
This includes
₹8,000 crore of RInfra’s debt moving to Reliance Energy.
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