The Anil Ambani-led Reliance Infrastructure is planning to lease out its marquee headquarters - Reliance Center - in suburban Mumbai, and utilise the entire proceeds to reduce debt. The company, which has a debt of about Rs 5,900 crore, aims to be debt-free in 2020.

Reliance Infrastructure will continue to own the premises and monetisation would be by way of a long-term lease. The company will utilise 100 per cent of the proceeds for debt reduction, the company said in a statement.

The company’s staff operating from Reliance Center would be relocated to multiple properties owned by the group across Mumbai, including Ballard Estate in South Mumbai.

Reliance Center, located at Santacruz (East), is a modern office building, with more than 6.95-lakh sq ft space on a 15,514 square metre plot. It has covered parking for 425 four-wheelers and 150 two-wheelers.

The office enjoys a prime location adjacent to the Western Express Highway, a 15-minute drive from the Chhatrapati Shivaji International Airport Terminal (T2) and a 10-minute drive from the Domestic Airport Terminal (T1). It is also close to the Bandra-Kurla-Complex business district and the upcoming Santacruz Metro Station.

Reliance Center is a certified Green Building in line with the Green Existing Building Rating System, and has been awarded Gold by the Indian Green Building Council. It is one of only five buildings in Mumbai and 30 buildings across India to have this certification, the company said.

Reliance Communications (RCom), another Anil Ambani group company, was also planning to commercially develop Dhirubhai Ambani Knowledge City (DAKC), a 133-acre registered IT park in Navi Mumbai, to create 30 million sq ft of commercial space.

The valuation of DAKC, according to an HDFC Realty study, was estimated to be over Rs 25,000 crore, RCom Chairman Anil Ambani had said while addressing the company’s shareholders at its 14 AGM in September 2018.

Related Topics
comment COMMENT NOW