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Reliance Infrastructure offloads stake in Delhi-Agra Toll Road to Singapore firm

ANI 

Anil Ambani-led Infrastructure on Thursday announced the signing of a definitive binding agreement with Singapore-based and for the sale of its entire stake in Delhi-Toll Road Pvt Ltd.

The total deal enterprise value is over Rs 3,600 crore. In addition, the National Highways Authority of claims of Rs 1,200 crore to be filed by will flow directly to Infrastructure.

The company will utilise the proceeds of this transaction entirely to reduce its debt, it said in regulatory filings to stock exchanges. After the completion of the transaction, the debt of Infrastructure will reduce by 25 per cent to less than Rs 5,000 crore.

The transaction is in line with the company's strategic plan of monetising non-core and focus on major growth areas like engineering and construction The transaction is subject to all requisite permissions and approvals.

Reliance Infrastructure's special purpose vehicle operates the 180-km long six-lane road that connects the national capital with on 2.

The project has witnessed revenue growth of 25 per cent in FY 2017-18. The tolling operation for the heavily-trafficked project started in October 2012 and has a concession period till 2038.

and is a Singapore-based company formed by global infrastructure fund and a wholly-owned subsidiary of the

.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 14 2019. 15:04 IST
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