Abu Dhabi Investment Authority English news | Abu Dhabi Investment Authority, Latest News & Live Updates in English | English News (Latest English News) at Lokmattimes.com

The infra major had signed a binding share purchase agreement (SPA) with Cube Highways for its 100 per cent stake in the toll road.Accordingly, the company will receive an enterprise value of Rs 3,600 crore, including equity of around Rs 1,700 crore."Reliance Infrastructure will utilise 100 per cent of proceeds only for debt reduction," the company said in a statement."With this single transaction of the Delhi-Agra toll road, debt of Reliance Infrastructure will reduce by over 25 per cent to less than Rs 5,000 crore," it said.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."This sale will significantly reduce the debt of Reliance Infrastructure on its path to becoming a 'Zero Debt' company," Reliance Infrastructure CEO Punit Garg was quoted as saying in a statement."Reliance Infrastructure has once again proven its ability by efficiently operating the showpiece Indian infrastructure of the 180-km six lane Delhi-Agra toll road."The development comes a day after RInfra announced that it will construct a 17.17 km-long Versova-Bandra Sea Link (VBSL) at a cost of Rs 7,000 crore.The project - to be developed by RInfra in partnership with Italy's Astaldi S.p.A. - was awarded on June 24 and shall be commissioned within the next five years.( With inputs from IANS )

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Marathi Language Controversy

Maharashtra News

Mumbai Local

Weather Update

Mumbai Rains

Ahmedabad Plane Crash

Abu Dhabi Investment AuthorityFOLLOW

Abu dhabi investment authority, Latest News

Business :RIL shares hit fresh high with another investment in Jio

Shares of Reliance Industries (RIL) touched a fresh all-time high of Rs 1,624, a day after the company announced ... ...

Business :Another investment in Jio Platforms, now ADIA to put in Rs 5,683 cr

In yet another major investment into Jio Platforms, Reliance Industries Ltd (RIL) on Sunday announced an investment of Rs ... ...

National :RInfra's Delhi-Agra toll road sale to close by August

Reliance Infrastructure here on Thursday said sale of the Delhi-Agra toll road to Cube Highways and Infrastructure III Pte Ltd will be closed by the end of August. ...