NEW DELHI, Nov 16 (Reuters) - India's Reliance
Infrastructure Ltd RLIN.NS 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)