MERC approves Reliance Energy sale to Adani Group

Mumbai, June 28 : The Maharashtra Electricity Regulatory Commission (MERC) has approved the proposed 100 per cent stake sale of Reliance Infrastructure Ltd.'s integrated Mumbai power business to Adani Transmission Ltd., an official said here on Thursday.

Following MERC's approval, the transaction, with a consideration value estimated at Rs 18,800 crore, is expected to be closed in July.

The development comes after MERC concluded its hearing into the matter and reserved its order on June 14.

Reliance Infrastructure Ltd. has already received the approval of the Competition Commission of India (CCI) and its shareholders for the deal.