New Delhi: Reliance Infrastructure (RInfra) on Thursday said it has signed a “definitive binding agreement” with Singapore-based Cube Highways and Infrastructure for sale of its 100 per cent stake in Delhi-Agra (DA) Toll Road Pvt Ltd. The deal is valued over Rs 3,600 crore, RInfra said in a statement, adding that it will utilise the proceeds of this transaction to reduce its debt.
RInfra says, after the completion of the transaction for Toll Road, the company’s debt will reduce by 25 per cent to only less than Rs 5,000 crore. The transaction is in line with the company’s strategic plan of monetising non-core business and focus on major growth areas like engineering and construction (E&C) business.
