Anil Ambani-led Reliance Infrastructure Ltd on Friday announced successful completion of 100 per cent stake sale in the Delhi-Agra toll road to Cube Highways and Infrastructure III Pte Ltd for an enterprise value over Rs 3,600 crore.
The entire sale proceeds are being utilised for debt reduction. R-Infra said it has reduced its total debt liabilities by about 20 per cent from the deal proceeds from Rs 17,500 crore to Rs 14,000 crore.
The deal was announced in March 2019 with the signing of a definitive binding agreement between R-Infra and Cube Highways.
"This has now been completed with transfer of shares of the DA Toll Road Pvt Ltd and receipt of sale consideration," R-Infra said in a statement.
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.
R-Infra is one of the largest infrastructure companies developing projects through various special purpose vehicles (SPVs) in high-growth sectors like power, roads and Metro rail in the infrastructure space and the defence sector.