Reliance Infrastructure, part of the debt-laden Anil Ambani group, has received in-principle approval from the National Highways Authority of India (NHAI) for its Delhi-Agra toll road to Singapore-based Cube Highways and Infrastructure for Rs 3600 crore.
Reliance Infra, which will receive equity payment of Rs 1700 crore from this transaction, said it would use 100 per cent of the sale proceeds to pay off the company’s debt.
It will receive an enterprise value of Rs 3,600 crore for the road, including equity of up to Rs 1,700 crore.
The asset-level debt of Rs 1,900 will move to Cube Highways, once the transaction goes through.