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Anil Ambani-backed Reliance Infrastructure Limited has sold its office Reliance Centre at Santacruz, Mumbai to YES Bank for ₹1,200 crore. "Entire proceeds from sale of Reliance Centre, Santacruz is utilized only to repay the debt of YES Bank," Reliance Infra said in a statement.
The office building is spread over a 21,432.28 square metre plot and housed Anil Ambani group's headquarters.
Last year, Yes Bank had said that it was taking possession of the properties under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, and comes for non-payment of loans amounting to ₹2,892 crore.
YES Bank had then said it had issued a demand notice on May 6, 2020 to Reliance Infrastructure Ltd under the SARFAESI Act to repay the dues within 60 days, which the latter failed to repay.
"The bank had taken possession of the building last year. Now the two sides have agreed to formalise this into a sale deal," said a source. Prior to this sale, ADAG is estimated to have an exposure of about ₹4,000 crore to YES Bank.
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