Reliance Infra to sell 49% stake in Mumbai power biz to Canadian fund

Reliance Infrastructure on Monday said it had agreed to sell 49 per cent of its Mumbai power operations to Canada's Public Sector Pension Investment Board.

Reliance Infrastructure, part of billionaire Anil Ambani's Reliance Group, will carve out the power business that it operates in the countyr's financial capital into a separate special purpose vehicle, called Reliance Energy, in which it will retain a 51 per cent share.

The company did not give any financial details of the deal. The proposed transaction is subject to due diligence.

The Mumbai power unit distributes power to nearly three million users across the city, and brought in revenues of Rs 7700 crore ($1.2 billion) last year, Reliance said.