Update 30 August 2018: The deal has closed for a total consideration of $2.65bn, as well as $1.95bn has been used to reduce RInfra’s debt.

Gautam Adani-promoted infrastructure company Adani Transmission has agreed to buy Anil Ambani-promoted Reliance Infrastructure’s power generation and distribution business in Mumbai for Rs 13,251 crore ($2.07bn), reported The Economic Times.

Cyril Amarchand Mangaldas managing partner Cyril Shroff, Bangalore partners Nivedita Rao, Mumbai partners Saurya Bhattacharya and Subhalakshmi Naskar acted for Adani Transmission.

J Sagar Associates (JSA) Mumbai-based co-managing partner Dina Wadia, with retained partner Manav Raheja and associate Ronak Shah, and principal associate Arup Pereira, acted for Reliance Infrastructure. Partner. Update 30 August 2018: The team also included associate Gaurav Matta.

Luthra & Luthra acted as lender’s counsel, according to DNA.

The deal will see Adani Transmissions move into the power distribution business and will be structured as a Rs 13,251 crore upfront payment, as well as Reliance receiving an estimated Rs 5,550 crore in assets and net working capital.

Cyril Shroff’s daughter Paridhi Shroff had married Gautam Adani’s son Karan Adani in 2013.