Reliance Infra
Reliance Infra completes stake sale in DA Toll Road to Cube Highways
Mumbai/UNI: Reliance Infrastructure (RInfra) said that it has has successfully completed sale of its 100 pc stake in DA Toll Road to Cube Highways and Infrastructure III Pte Ltd for an enterprise value over Rs.3,600 crore.
The deal was announced in March 2019 with the signing of a definitive binding agreement between RInfra and Cube Highways and Infrastructure III Pte Ltd and has now been completed with transfer of shares of the DA Toll Road Private Limited and receipt of sale consideration.
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.
The total transaction value is over Rs. 3,600 crore.
The entire sale proceeds are being utilized for debt reduction.
RInfra has reduced its total debt liabilities by 20 percent from the deal proceeds.
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