RInfra bags Rs 19-bn contract for package 7 of Nagpur-Mumbai e-way

Anil Ambani-led Reliance Infrastructure (RInfra) on Friday said it has bagged a contract worth Rs 19.07 billion from the Maharashtra State Road Development Corporation (MSRDC) for package-7 of Nagpur-Mumbai Samruddhi Expressway project.

The contract involves the development of package-7 from 296 km to 347 km, which is a part of Maharashtra government's flagship Rs 460-billion and over 700 km long Samruddhi Mahamarg project, a statement said.

The scope of work includes design, engineering, procurement and construction of six-lane expressway and associated structures and project facilities.

The work is expected to be completed in 30 months from the appointed date.

Reliance Infra completes Rs 188 billion Mumbai power biz sale to Adani

Reliance Infrastructure (RInfra) on Wednesday said it has completed the Rs 188 billion deal for sale of its Mumbai energy business to Adani Transmission, which will help it pare debt by two-thirds to Rs 75 billion.

Company chairman Anil Ambani announced the culmination of the deal involving the sale of the integrated power business which was stuck in December last year.

Ambani said the deal will help cut the company's overall debt to Rs 75 billion from the earlier Rs 220 billion and also added that it is planning to be a zero debt company by next year.

The company had called a board meet today to approve the transfer of Mumbai power business to Adani Transmission, after receiving the regulatory approvals.

In the past eight months, the deal has received go-aheads from fair trade regulator Competition Commission of India (CCI), shareholders of the company and Maharashtra Electricity Regulatory Commission (MERC) for the sale.