Reliance Infrastructure to promote stake in toll street venture for Rs 3,600 crore

Reliance Infrastructure Ltd on Thursday mentioned it can promote a particular objective car (SPV) in northern India at an enterprise worth of Rs 3,609 crore, which can assist the corporate cut back its debt by 25 per cent.

Reliance Infrastructure mentioned in a press release that the choice is consistent with the corporate’s technique to monetize its non-core enterprise and change into debt-free by the tip of the monetary yr.

Singapore-based Dice Highways & Infrastructure III Pvt Ltd will purchase Delhi-Agra (DA) Toll Street Pvt Ltd which operates a six-lane street connecting the nationwide capital Delhi with Agra.

Dice Highways and Infrastructure has been shaped by International Infrastructure Fund – I Squared Capital and a unit of the Abu Dhabi Funding Authority.

The corporate mentioned that your entire proceeds from the sale could be used to cut back the corporate’s debt by Rs 50 billion. Reliance Infrastructure had a debt of Rs 6,900 crore on the finish of the September quarter.

Anil Ambani-controlled Reliance Infrastructure mentioned claims value Rs 1,200 crore to be filed by the SPV earlier than the Nationwide Highways Authority of India will go on to the corporate.

Shares of Reliance Infrastructure fell 3 per cent within the flat Mumbai market.

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