Reliance Infrastructure on Monday announced that fair trade regulator Competition Commission of India has approved the sale of its Mumbai power business to Adani Transmission in a deal valued at Rs 13,251 crore. The Anil Ambani-led group said it will sell 100% stake of its debt-ridden power business, and the transaction is expected to be completed by March 2018.
Reliance Infrastructure and Adani Transmission had signed a definitive binding agreement in December 2017. “RInfra will utilise the proceeds of this transformative transaction entirely to reduce its debt,” the company said in a statement. “This is the largest-ever debt reducing exercise by any corporate.” Reliance Infrastructure will now focus on upcoming opportunities in asset light EPC (engineering, procurement and construction) and defence businesses, the statement added.
Reliance Infrastructure said the business has been valued at Rs 12,101 crore and regulatory assets at Rs 1,150 crore. The company will also fetch regulatory assets approved by the Maharashtra Electricity Regulatory Commission worth Rs 5,000 crore and another Rs 550 crore from net working capital. The total consideration of the deal will be Rs 18,800 crore.
The share purchase agreement will allow Adani Group to take over the generation, transmission and distribution of power of more than 1,800MW catering to nearly three million residential, industrial and commercial consumers in Mumbai and its suburbs.
“The acquisition marks our foray in the distribution sector in India,” Gautam Adani had said in December. “With this acquisition, Adani Transmission will enjoy benefit of scale and of being an integrated distribution and transmission business in India.”
A lesson in harnessing tremendous power to deliver high performance.
Gone are the days when the rich and successful would network during a round of golf, at least in the Silicon Valley. As reported by New York Times, ‘auto-racing has become a favourite hobby for the tech elites’. However, getting together on a race track would require a machine that provides control while testing extreme limits. Enter the Mercedes-AMG range of cars.
Mercedes-AMG’s rise from a racing outfit to a manufacturer of peak performance cars is dotted with innovations that have pushed the boundaries of engineering. While the AMG series promises a smooth driving experience, its core is made up of a passion for motorsports and a spirit that can be summarized in two words – power and performance. These integral traits draw like-minded people who share and express Mercedes-AMG’s style of performance.
The cars we drive say a lot about us, it’s been said. There are several qualities of an AMG performance luxury sedan that overlap with the qualities of its distinguished owner. For instance, creating an impression comes naturally to both, so does the ambition to always deliver an exceptional performance. However, the strongest feature is that both the owner and the AMG marque continually challenge themselves in pursuit of new goals, stretching the limits of performance.
This winning quality comes alive, especially, in the latest Mercedes-AMG marque – the Mercedes-AMG E 63 S 4MATIC+. With the most powerful engine to have ever been installed in an E-class, this undisputed performance sedan promises immense power at the driver’s command. With 612 HP under its hood, the car achieves 0-100 km/h in just a few seconds - 3.4 to be precise. Moreover, the car comes with the latest driver-assistance technology that promises intelligent control and provides an agile and responsive ride.
But, the new AMG is not just about work (or traction in car lingo). One of its core features is to provide its owners a challenge on the race track. Its drift mode, which converts the vehicle into a pure rear-wheel drive, offers pure exhilaration and adds a work-play dynamic to the car. In that sense, the new AMG is a collaborator of sorts - one that partners with its owner to create an impression through performance. And on the weekends, the car pushes him/her to express absolute power using its race mode with a thunderous roar of the engine - the pure sound of adrenalin. This balance between work and play has been achieved using cutting-edge features in the car that together create an almost intuitive driver-machine relationship.
If you’re looking for a car that shares your enthusiasm for driving, you’ll find a partner in the new AMG. However, buying an AMG is not just about owning a powerhouse on wheels, it’s also about adopting a driving philosophy in which power is just the starting point - the main skill lies in how you manoeuvre that power on the road. A performance sedan in its sportiest form, Mercedes-AMG’s latest model takes vehicle performance to an unmatched level. A decade ago, this amount of speed and power in a luxury 4-door model would be un-thinkable.
The new Mercedes-AMG comes with a host of individualisation options through designo, the artistic side of Mercedes’s innovation, so the car becomes an extension of the owner’s distinctive personality. An expressive design with a new radiator grille and a muscular front apron showcase its athleticism. A new-age driver environment, widescreen cockpit, the AMG performance steering wheel and sports seat delivers an intensive driving experience. With the Mercedes-AMG E 63 S 4MATIC+, AMG has created an undisputed performance sedan that can rip the race track as well as provide reliable luxury sedan-duty. To know more about the most powerful E-class of all time, see here.
This article was produced by the Scroll marketing team on behalf of Mercedes-Benz and not by the Scroll editorial team.