New Delhi, March 14 (IANS) Reliance Infrastructure (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-Agra (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-Agra 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.
DA Toll Road Pvt Ltd is the special purpose vehicle (SPV) of RInfra, which operates the 180 kilometre long six-lane road that connects the national capital with Agra on National Highway-2.
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz