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Anil Ambani Puts up Delhi Power Distribution Businesses for Sale

Reliance Infrastructure has hired KPMG to find buyers for its 51% stake each in BSES Rajdhani Power Ltd. (BRPL) and BSES Yamuna Power Ltd. (BYPL), the people said on condition of anonymity.

Anil Dhirubhai Ambani, Chairman, Reliance Group (also known as Reliance ADA Group)

May 12, 2020

At least eight investors, including Caisse de dépôt et placement du Québec (CDPQ), Actis LLP and Brookfield Asset Management, have showed initial interest in buying Reliance Infrastructure Ltd’s Delhi electricity distribution businesses, said three people aware of the development. The other potential investors are Greenko Energy Holdings, Enel Group, I Squared Capital, Torrent Power and Wade Capital Group LLC, the people said on condition of anonymity.

Reliance Infrastructure has hired KPMG to find buyers for its 51 percent stake each in BSES Rajdhani Power Ltd. (BRPL) and BSES Yamuna Power Ltd. (BYPL), the people said on condition of anonymity. The two power distribution businesses cater to around 4.4 million customers in the national capital. Reliance Infrastructure’s plan to sell the businesses follows the sale of its Mumbai city power distribution business to Adani Transmission Ltd. for Rs. 18,800 crore in August 2018. Reliance Infrastructure is part of the Anil Dhirubhai Ambani Group, which is trying to sell assets to pay down debt.

While a Reliance Infrastructure Ltd. spokesperson did not respond to Mint’s queries emailed on Friday night, a KPMG spokesperson declined to “comment on any company-specific matters”. Queries emailed to CDPQ, Actis Llp, Brookfield, Greenko Energy Holdings, I Squared Capital and Torrent Power remained unanswered.

While announcing the March quarter earnings, Reliance Infrastructure said it “aims to be zero debt in the next financial year based on liquidity events”.

Wire & Cable India