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RInfra to sell its stake in Delhi-Agra Toll Road

IANS  |  New Delhi 

(RInfra) on Thursday said it has signed a "definitive binding agreement" with Singapore-based Cube Highways and Infrastructure for sale of its 100 per cent stake in Delhi-(DA) Toll Road Pvt Ltd.

The deal is valued over Rs 3,600 crore, RInfra said in a statement, adding that it will utilise the proceeds of this transaction to reduce its debt.

"In addition, NHAI claims of Rs 1,200 crore to be filed by DA Toll Road will flow directly to Reliance Infrastructure," it said.

According to RInfra, after the completion of the transaction for Delhi-Toll Road, the company's debt will reduce by 25 per cent to only less than Rs 5,000 crore. The transaction is in line with the company's strategic plan of monetising non-core business and focus on major growth areas like engineering and construction (E&C) business.

is the special purpose vehicle (SPV) of RInfra, which operates the 180 kilometre long six-lane road that connects the national capital with on National Highway-2.

--IANS

rrb/vd

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

First Published: Thu, March 14 2019. 17:22 IST
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