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RInfra initiates talks with Cube Highways to sell four road assets

Wednesday, 23 Jun 2021
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Reliance Infrastructure (RInfra) has initiated talks with Singapore-based Cube Highways to monetise four of its road assets and bring down debt by Rs 1,430 crore.

Cube Highways is promoted by I Squared Capital, a wholly-owned subsidiary of the Abu Dhabi Investment Authority, the International Finance Corporation and a consortium of Japanese investors including the Mitsubishi Corporation and the Japan Overseas Infrastructure Investment Corporation for Transport.

RInfra will put four of its road assets -- DS Toll Road, NK Toll Road, SU Toll Road in Tamil Nadu and JR Toll Road in Rajasthan -- on the block.

With a total length of 283 km, all four road assets are under operation with the balance available concession period of up to 12 years. Cube Highways has offered an enterprise value of Rs 1,430 crore and the proceeds will result in the company’s debt reduction to that extent.

In January 2021, Reliance Infra sold its entire DA Toll Road (Delhi-Agra) to Cube Highways and Infrastructure III Pte for Rs 3,600 crore.

Recently, the company announced a fund raising of Rs 550 crore from the promoter group and VSFI Holding Pte – an affiliate of Varde Investment Partners.

The funds raised will be utilised for long-term resources, for general corporate purposes, fund future growth and also to reduce debt.

The company’s consolidated debt was Rs 14,260 crore and standalone debt was Rs 3,808 crore as of March-end 2021. It aims to be debt-free on standalone basis by the end of March 2022.

Reliance Infra has an EPC order book of over Rs 25,000 crore, power distribution business in Delhi serving 45 lakh customers and defence manufacturing business. In 20 years, the company has executed projects worth over Rs two lakh crore.

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