RInfra to sell entire stake in Delhi-Agra Toll Road to Cube Highways

| | New Delhi
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RInfra to sell entire stake in Delhi-Agra Toll Road to Cube Highways

Friday, 15 March 2019 | PTI | New Delhi

Reliance Infrastructure Ltd on Thursday said it would 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 per cent 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 on Thursday announced the signing of Definitive Binding Agreement with Cube Highways and Infrastructure III Pte Ltd for the sale of its 100 per cent stake in Delhi-Agra (DA) Toll Road Private Limited, the company said in a statement.  “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 would utilise the proceeds of this transaction entirely to reduce its debt. Reliance Infrastructure’s special purpose vehicle DA Toll Road Private Limited operates the 180-km long six-lane road on NH 2.