You are here: Home » Companies » News
Business Standard

Reliance Infra sells HQ in Mumbai's Santacruz to YES Bank for Rs 1200 cr

The entire proceeds from the sale of Reliance Centre in Santacruz will be utilised to repay YES Bank's debt.

Topics
YES Bank | Reliance Infrastructure | Real Estate

Dev Chatterjee  |  Mumbai 

YES bank
YES bank

Anil Ambani Group’s (RInfra) on Thursday sold its headquarters (HQ) in Mumbai’s Santacruz to for Rs 1,200 crore. YES Bank, which currently operates from One Indiabulls Centre in central Mumbai, will convert the building into its corporate head office.

Once the HQ of Anil Ambani, Reliance Centre is a high-tech office building with over 695,000 square feet area on a plot of 15,514-square metre land. Ambani shifted to this office after he moved out of Reliance’s Ballard Estate office. The entire proceeds from the sale of Reliance Centre will be utilised only to service the debt of YES Bank, RInfra said.

The lender had an exposure of Rs 4,000 crore in the company. With this deal, it has reduced its exposure by half.

With this, RInfra has closed three major transactions since January this year. These include the sale of Delhi-Agra toll road to Cube Highways and an electricity transmission asset Parbati Koldam Transmission Company to IndiGrid.

experts said the office enjoys prime location because of its proximity to Mumbai’s Western Express Highway. It is a 15-minute drive to Chhatrapati Shivaji International Airport Terminal (T2), a 10-minute drive to the domestic airport terminal (T1), and a stone’s throw from Bandra-Kurla Complex business district.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, April 01 2021. 11:56 IST
RECOMMENDED FOR YOU
.