Reliance infra & YES Bank announce sale transaction of Reliance Centre to YES Bank
Mumbai: Reliance Infrastructure Limited and YES Bank Limited announced a sale transaction of Reliance Centre, Santacruz, Mumbai to YES Bank.
The transaction value is Rs1,200 crore.
Entire proceeds from the sale of Reliance Centre, Santacruz is utilized only to repay the debt of YES Bank.
Reliance infrastructure limited has reduced its exposure by 50 per cent in the last 90 days.
Rinfra has closed three major transactions in the last 90 days namely sale of road assets — Delhi Agra Toll Road, Transmission Asset-Parbati Koldam Transmission Company limited and sale of Reliance Centre, Santacruz.
Rinfra exposure of YES Bank has been reduced from Rs 4,000 crore to Rs 2,000 crore.
Rinfra is committed to being a debt-free company in 2021.
YES Bank plans to use the building as its corporate headquarters.
Reliance Infrastructure Limited (RInfra) is one of the largest infrastructure companies, developing projects through various Special Purpose Vehicles (SPVs) in several high growth sectors such as Power, Roads and Metro Rail in the Infrastructure space and the Defence sector.
RInfra is a major player in providing Engineering and Construction (E&C) services for developing power, infrastructure, metro and road projects.
RInfra through its SPVs has executed a portfolio of infrastructure projects such as a metro rail project in Mumbai on build, own, operate and transfer (BOOT) basis; nine road projects on build, operate and transfer (BOT) basis.
RInfra is also a leading utility company having presence across the value chain of power businesses, i.e. Generation and Distribution.