 "RInfra completes sale of DA Toll Road to Cube Highways at EV of Rs 3,600 cr")
Reliance Infrastructure Limited (RInfra) today announced the completion of sale of its 100 per cent stake in 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, said the company release.
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 and the entire sale proceeds are being utilized for debt reduction, said RInfra.
RInfra has reduced its total debt liabilities by 20 per cent from the deal proceeds.
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