Reliance Infra sells Delhi-Agra toll road

Reliance Infra announced 100 per cent stake sale of Delhi Agra toll road to Cube Highways for over Rs 3,600 crore.

New Delhi: Reliance Infra on Friday announced completion of sale of its Delhi-Agra (DA) toll road to Cube Highways and Infrastructure for Rs 3,600 crore.

In a regulatory filing, Reliance Infrastructure Ltd said it has completed the sale of its 100 per cent 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 Reliance Infra and Cube Highways and Infrastructure III Pte Ltd.

Reliance Infra said the entire sale proceeds are being utilised for debt reduction.

Reliance Infra has reduced its total debt liabilities by 20 per cent from the deal proceeds from Rs 17,500 crore to Rs 14,000 crore.

Shares of Reliance Infrastructure Ltd were trading 4.84 per cent higher at Rs 28.15 apiece on BSE.

(PTI)