Reliance Infrastructure has received in-principle approval from the National Highways Authority of India (NHAI) for Harmonious Substitution of the Delhi-Agra (DA) Toll Road project to Cube Highways.
In view of the difficulties being faced by Concessionaires in Public-Private-Partnership (PPP) projects, the Government has decided to permit the substitution of existing Concessionaires in a harmonious manner, in accordance with the agreed provisions.
This approval came through on January 7 and paves the way for RInfra to reduce its debt significantly, RInfra officials told BusinessLine.
Punit Garg, CEO Reliance Infrastructure, told BusinessLine that this is in line with its commitment to its 16 lenders. The sale of the DA toll road is the first of many liquidity events that will move the company towards becoming debt-free in 2020, Garg added.
