Reliance Infrastructure, part of the debt-laden Anil Ambani group, has received in-principle approval from the National Highways Authority of India (NHAI) for a “harmonious substitution” of its Delhi-Agra toll road to Singapore-based Cube Highways and Infrastructure for ₹3600 crore.
Reliance Infra, which will receive equity payment of ₹1700 crore from this transaction, said it would use 100% of the sale proceeds to pay off the company’s debt.
By “harmonious substitution”, the control of the asset moves to the new owner who will also take on responsibility for servicing the asset’s ongoing debt.
