Reliance Infrastructure settles Rs 2,640 crore Maharashtra government due

RInfra settles Rs 2,640-cr Maha govt dues Mumbai, Aug 31 () The state government today said it has received a payment of Rs 2,640 crore from Anil Ambani-led Reliance Infrastructure towards the arrears of electricity charges and taxes. The payment was made in two instalments through GRAS (Government Receipt Accounting System) payment system on August 29 and August 30, it added. "RInfra has paid Rs 2,640.62 crore towards arrears of electricity charges and taxes, which it had defaulted since 2016," a statement issued by the state energy department said. RInfra had this week announced completion of the sale of its entire Mumbai energy business to Adani Transmission for Rs 18,800 crore. With this deal, Adani Transmission will now have to cater to RInfra's three million customers, entailing 1,892 megawatt (MW) of power distribution along with a generation capacity of 500 MW coal-based plant at Dahanu and over 540 circuit km of transmission network. Also, with this single deal, RInfra has managed to reduce its debt by 65 per cent, from Rs 22,000 crore to Rs 7,500 crore.

from Economic Times https://ift.tt/2N777HB