Reliance Infra to sell Pune-Satara toll road for ₹2,000 cr to cut debt load

Reliance Infra to sell Pune-Satara Toll Road for ₹2,000 crore, cut ₹1,400 crore debt, and free ₹600 crore equity to fund future business growth opportunities

Reliance Infrastructure Ltd (RInfra) is preparing to sell its Pune-Satara Toll Road (PSTR) project as part of its strategy to unlock value from non-core assets, according to a report by The Economic Times.

 

Singapore’s Cube Highways and Infrastructure III Pte Ltd will buy the entire stake in PS Toll Road Pvt Ltd, the special purpose vehicle (SPV) responsible for operating the highway project.

 

Deal valued at ₹2,000 crore

 

The enterprise value of the deal is estimated at around ₹2,000 crore, the report said. Of this, Reliance Infrastructure will receive equity proceeds of about ₹600 crore. The company plans to use these funds for future investments in its core businesses.

 

The agreement will also bring down RInfra’s consolidated debt by approximately ₹1,400 crore. On a standalone basis, the company continues to hold a zero-debt position, something it has highlighted as proof of disciplined financial management.   

 

The Pune-Satara Expressway

 

PS Toll Road Pvt. Ltd was created to develop, operate, and maintain a six-lane expressway between Pune and Satara in Maharashtra. Spanning 140 kilometres along National Highway NH4 (now renumbered NH48), the project was developed under the build-operate-transfer model.

 

The expressway is part of the Golden Quadrilateral, one of India’s most important road projects, and serves as a vital link in connecting Mumbai with Bengaluru. Toll collection on this corridor began in October 2010.

 

Focus on clean energy growth

 

Alongside divesting road projects, Reliance Infrastructure is also stepping up its presence in the renewable energy sector. Last week, the company announced that it had won a major solar and storage project from state-owned NHPC.

 

RInfra received a Letter of Award (LoA) for a 390 MW interstate transmission system (ISTS)-connected solar power project, coupled with a 780 MWh Battery Energy Storage System (BESS)

 

The tariff for the NHPC project was discovered at ₹3.13 per unit (kWh), making it one of the most competitively priced projects in India’s renewable energy market. Once operational, the platform will add 700 MWp of solar DC capacity and 780 MWh of BESS capacity to Reliance Group’s clean energy portfolio.

 

Reliance Power, another listed company of the group, already manages 2.5 GWp of solar projects and 2.5 GWh of storage capacity. With the new award, the combined portfolio will expand to more than 3 GWp of solar capacity and 3.5 GWh of storage, making Reliance Group the largest player in the Solar + BESS space in India.   

 

Part of a bigger tender

 

The NHPC tender covered 1,200 MW of solar power and 600 MW / 2,400 MWh of storage capacity. It attracted strong competition, with bids from 15 players and 14 qualifying for the e-reverse auction. The tender was oversubscribed nearly four times, showing rising industry interest in dispatchable renewable energy solutions.