Reliance Infrastructure (RInfra) has sold its 4.122 per cent stake in power trading exchange IEX to a non-resident investor for a consideration of Rs 103 crore.
RInfra has sold its stake in IEX to a non-resident investor for a consideration of Rs 103 crore, valuing IEX at Rs 2,500 crore - highest value thus far, sources close to the development said.
RInfra is amongst primary investors in IEX and owns 4.122 per cent stake in IEX, sources said.
RInfra had invested Rs 1.25 crore for the stake in October 2007, sources added.
IEX is a leading power trading exchange in India enjoying 30 per cent of the short term power market -- approximately nine per cent of total power market.
"Last 3 deals for exchange of 14.12 per cent stake happened in February/March 2016 at an equity value of Rs 2,375 crore -- JSPL selling 4.12 per cent stake to Motilal, and Bessemer selling five per cent stake each to TVS Capital and Dalmia group," a source said.
RInfra is one of the largest infrastructure companies, developing projects through various Special Purpose Vehicles (SPVs) in several sectors such as power, roads and metro rail in the infrastructure space and the defence sector.
It is also a leading utility company having presence across the value chain of power businesses i.E. Generation, transmission, distribution and power trading.
RInfra through its SPVs has executed a portfolio of infrastructure projects such as a metro rail project in Mumbai on build, own, operate and transfer (BOOT) basis and eleven road projects with total length of 1,000 kms on build, operate and transfer (BOT) basis.
Moreover, it also provides engineering, procurement and construction (EPC) services for developing power and road projects.
Source- Business standard