RInfra's Delhi-Agra road sale to close by August

Mumbai, June 27 (IANS) Reliance Infrastructure here on Thursday said sale of the Delhi-Agra toll road to Cube Highways and Infrastructure III Pte Ltd will be closed by the end of August.The infra major had signed a binding share purchase agreement (SPA) with Cube Highways for its 100 per cent stake in the toll road. Accordingly, the company will receive an enterprise value of Rs 3,600 crore, including equity of around Rs 1,700 crore."Reliance Infrastructure will utilise 100 per cent of proceeds only for debt reduction," the company said in a statement. "With this single transaction of the Delhi-Agra toll road, debt of Reliance Infrastructure will reduce by over 25 per cent to less than Rs 5,000 crore," it said.
--IANS rv/sn/mag/pcj