Reliance Infrastructure (RInfra), part of Anil Ambani-promoted Reliance Group, has announced signing of a definitive, binding agreement with Singapore-based Cube Highways for selling its entire stake in Delhi-Agra Toll Road for an enterprise value of Rs. 3,600 crore. This move will help the company pare its debt.
The Delhi-Agra (DA) Toll Road is an SPV of RInfra operating a 180-km long, six-lane road connecting Delhi with Agra on National Highway 2. The road asset has witnessed an impressive revenue growth of 25 per cent in FY18, RInfra said , adding that the toll project has a concession period till 2038. Currently, RInfra has 11 road projects across seven States, totalling 4,400 km. Delhi-Agra is the longest of them all.
Cube Highways and Infrastructure III is backed by I Squared Capital and a wholly-owned subsidiary of the Abu Dhabi Investment Authority.
