Reliance Infrastructure Ltd. (RInfra) has announced the successful completion of the sale of its 100% stake in DA Toll Road to Cube Highways and Infrastructure III Pte Ltd. for an enterprise value over ₹3,600 crore.
The deal was announced in March 2019 with the signing of a definitive binding agreement between RInfra and Cube Highways and Infrastructure III Pte. Ltd. and has now been completed with transfer of shares of the DA Toll Road Private Limited and receipt of sale consideration, RInfra said in a statement.
The entire sale proceeds of ₹3600 crore are being utilised for debt reduction, it said.
RInfra has reduced its total debt liabilities by 20% following the deal, it added.
