Reliance Infra to de-merge REGSPL for Rs.6,282.50 crore

Reliance Infrastructure has announced the de-merger of certain power generation and supply businesses in Mumbai, Goa and Andhra Pradesh into a subsidiary for a consideration of Rs.6,282.50 crore. ‘The Board of Directors of the Company at its meeting held on March 16, 2016, has approved a Scheme of Arrangement between Reliance Infrastructure and Reliance Electric Generation and Supply (REGSPL) and their respective shareholders and creditors subject to requisite approvals,’ Reliance Infrastructure said in a stock exchange filing. ‘REGSPL shall pay aggregate lump sum cash consideration of Rs.6,282.50 crore to the company,’ the notice said. The statement said REGSPL will not be listed separately. Mumbai power generation, transmission and distribution division, Goa power station division and windmill division of Reliance Infra will be transferred to REGSPL.