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Posted at: Mar 15, 2019, 6:53 AM; last updated: Mar 15, 2019, 6:53 AM (IST)

RInfra to sell entire stake in Delhi-Agra NH for Rs3,600 cr

Transaction subjectto approvals

  • After the deal, the company’s debt will be reduced by 25% to less than Rs 5,000 crore
  • The transaction is subject to all requisite permissions and approvals
  • .
RInfra to sell entire stake in Delhi-Agra NH for Rs3,600 cr
Anil Ambani

New Delhi, March 14

Reliance Infrastructure Ltd today said it will sell its entire stake in Delhi-Agra Toll Roadway to Singapore-based Cube Highways for Rs 3,600 crore, following which the Anil Ambani-led company’s debt will be reduced by 25% to less than Rs 5,000 crore.

Reliance Infrastructure (RInfra) has entered into a pact with Cube Highways in this regard.

Cube Highways and Infrastructure III Pte Ltd is a Singapore-based company formed by global infrastructure fund — I Squared Capital and a wholly-owned subsidiary of the Abu Dhabi Investment Authority.

The transaction is in line with Reliance Infrastructure’s strategic plan of monetising non-core business and focus on major growth areas like engineering & construction (E&C) business. RInfra today announced the signing of Definitive Binding Agreement with Cube Highways and Infrastructure III Pte Ltd for the sale of its 100% stake in Delhi-Agra (DA) Toll Road Private Limited, the company said.

“The total deal enterprise value is over Rs 3,600 crore. In addition, NHAI claims of Rs 1,200 crore to be filed by DA Toll Road Pvt Ltd will flow directly to Reliance Infrastructure,” the company added.

RInfra said, it will utilise the proceeds of this transaction entirely to reduce its debt. The transaction is subject to all requisite permissions and approvals, it added.— PTI

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