PSP Investments to acquire 49 pct of Mumbai's Reliance Energy
Reliance Infrastructure Ltd (RInfra) has agreed to sell a 49 percent equity stake in the company's Indian power distribution operation to Canadian pension fund manager Public Sector Pension Investment Board (PSP Investments). No financial terms were disclosed. The operation is to be spun out into a special purpose vehicle called Reliance Energy, with RInfra holding the controlling interest. Reliance distributes power to nearly 3 million residential, industrial and commercial consumers in the suburbs of Mumbai. RInfra, an affiliate of the Reliance Group, said it will use the transaction's proceeds to reduce debt.
16 November 2015•3 mins read
