New Delhi/Mumbai (IANS) Reliance Infrastructure Limited (RInfra) announce the successful completion of the sale of its 100 per cent stake in Delhi-Agra (DA) Toll Road to Cube Highways and Infrastructure III Pte Ltd for an enterprise value over Rs 3,600 crore.
The deal was announced in March 2019 with the signing of a definitive binding agreement between RInfra and Cube Highways and Infrastructure III Pte Ltd and has now been completed with transfer of shares of the DA Toll Road Private Limited and receipt of sale consideration.
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 total transaction value is over Rs. 3,600 crore. The entire sale proceeds are being utilized for debt reduction.
RInfra has reduced its total debt liabilities by 20 percent from the deal proceeds.
Reliance Infrastructure Ltd (RInfra) is one of the largest infrastructure companies, developing projects through various Special Purpose Vehicles (SPVs) in several high growth sectors such as Power, Roads and Metro Rail in the Infrastructure space and the Defence sector.
RInfra is a major player in providing Engineering and Construction (E&C) services for developing power, infrastructure, metro and road projects.
RInfra through its SPVs has executed a portfolio of infrastructure projects such as a metro rail project in Mumbai on build, own, operate and transfer (BOOT) basis; nine road projects on build, operate and transfer (BOT) basis.
RInfra is also a leading utility company having presence across the value chain of power businesses i.e. Generation, Transmission and Distribution.