Reliance Infrastructure, in a regulatory filing, stated that the firm has finished the sale of its 100 per cent stake in Delhi – Agra toll road project to Cube Highways.
Delhi-Agra Toll Road Project: On Friday, Reliance Infrastructure Limited announced the completion of the sale of its Delhi – Agra (DA) toll road to Cube Highways and Infrastructure Pte Limited for an amount of Rs 3,600 crore. Recently, Reliance Infrastructure, in a regulatory filing, stated that the firm has finished the sale of its 100 per cent stake in Delhi – Agra toll road project to Cube Highways and Infra company for over Rs 3,600 crore. According to a PTI report, in the month of March 2019, the deal was announced with the signing of a definitive binding agreement between Reliance Infra company and Cube Highways and Infrastructure III Pte Limited.
According to Reliance Infrastructure Limited, the entire sale proceeds of Delhi – Agra toll road are being utilised for debt reduction. Reliance Infrastructure Limited has reduced its total debt liabilities by 20 per cent from the deal proceeds of the toll road from an amount of Rs 17,500 crore to Rs 14,000 crore. The report said Reliance Infrastructure’s shares were trading 4.84 per cent higher at Rs 28.15 apiece on BSE.
According to an ANI report, Singapore-based Cube Highways and Infrastructure III Pte Limited company is formed by Global Infrastructure Fund I Squared Capital and is Abu Dhabi Investment Authority’s wholly-owned subsidiary. while one of the largest infrastructure firms- Reliance Infrastructure Limited is into developing projects through various special purpose vehicles (SPVs) in high growth sectors such as roads, power, metro rail in the space of infrastructure as well as the defence sector, the report added.
Meanwhile, the Ministry of Road Transport and Highways has issued a statement saying that the fitment of FASTags is mandatory for motor vehicle users starting from 1 January 2021. According to the ministry, the fitment of FASTags is compulsory for those motor vehicles that belong to M and N categories and which were sold before the month of December 2017.