November 16, 2015 / 10:12 AM / 2 years ago

Reliance to sell 49 pct in Mumbai power business to Canadian fund

NEW DELHI, Nov 16 (Reuters) - India's Reliance Infrastructure Ltd said on Monday it had agreed to sell 49 percent 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 India's financial capital into a separate special purpose vehicle, called Reliance Energy, in which it will retain a 51 percent 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 77 billion rupees ($1.2 billion) last year, Reliance said. ($1 = 65.9700 Indian rupees) (Reporting by Tommy Wilkes; Editing by Subhranshu Sahu)

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