Reliance Infrastructure (RInfra) has signed definitive binding agreement with Cube Highways and Infrastructure III for the sale of its 100% stake in Delhi-Agra (DA) Toll Road. Cube Highways and Infrastructure III is a Singapore-based company formed by global infrastructure fund-I Squared Capital and a wholly-owned subsidiary of the Abu Dhabi Investment Authority.
The total deal enterprise value is over Rs 3,600 crore. In addition, NHAI claims of Rs 1,200 crore to be filed by DA Toll Road will flow directly to Reliance Infrastructure. Reliance Infrastructure will utilize the proceeds of this transaction entirely to reduce its debt. After the completion of the transaction for Delhi-Agra Toll Road, the debt of Reliance Infrastructure will reduce by 25% to only less than Rs 5,000 crore.
RInfra is one of the largest infrastructure companies, developing projects through various Special Purpose Vehicles (SPVs) in several high growth sectors such as Power, Roads and Metro Rail in the Infrastructure space and the Defence sector.
