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Anil Ambani puts up Delhi electricity distribution biz for sale

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Anil Ambani led Reliance Infrastructure has put its electricity distribution businesses on the block, news agencies reported early this week.

The company had put on sale its 51% stake in BSES Rajdhani Power Ltd (BRPL) and BSES Yamuna Power Ltd (BYPL), both electricity distribution companies. It had earlier hired KPMG to find buyers for its stake sale, a source was quoted by Mint in a report. The two companies have a customer base of 4.4 million.

Earlier Ambani had put its Mumbai city power distribution business on sale. It was bought by Adani Transmission Ltd for ₹18,800 crore. The businesses are being sold to pay its massive debts.

A story by Mint had said that at least eight investors had shown interest in the stake sale.

Earlier in April, the former sixth richest man in the world, had told a UK court that his net worth was zero and he was bankrupt after he was sued by three Chinese banks for loan defaults of over Rs5,000 crore by Reliance Communications.