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Reliance Infrastructure Limited (RELINFRA) signed a Definitive Binding Agreement with Singapore based Cube Highways and Infrastructure III Pte Ltd for the sale of Delhi-Agra (DA) Toll Road Private Limited.
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 Pvt Ltd will flow directly to Reliance Infrastructure.
Cube Highways and Infrastructure III Pte Ltd is a Singapore-based company formed by global infrastructure fund – I Squared Capital and a wholly-owned subsidiary of the Abu Dhabi Investment Authority.
Reliance Infrastructure will utilise 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 per cent to less than Rs. 5,000 crore.
DA Toll Road Private Limited operates the 180-km long six-lane road that connects the national capital Delhi with Agra on National Highway (NH) 2. The tolling operation for the heavily-trafficked project started in October 2012 and has a concession period till 2038.
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