Reliance Infrastructure (RInfra) today said that the Competition Commission of India (CCI) has approved the sale of its Mumbai power business to Adani Transmission in a Rs 188 billion deal.

In a statement, RInfra said that it had signed a definitive binding agreement with Adani Transmission in December 2017 to sell 100% of its stake in its integrated business of generation, transmission, and distribution of power for Mumbai and the total consideration value is estimated to be Rs 188 billion. The transaction is expected to be complete by March.

The proceeds of the transaction will be used entirely by RInfra to reduce its debt making it the biggest every debt reducing exercise by a corporate.

RInfra's power business which is also known as Reliance Energy is India's largest private sector integrated power utility that distributes electricity to 3 million residential, industrial and commercial places in the suburbs of Mumbai covering 400 sq km.