Reliance Infrastructure (RInfra) has closed three major transactions in the last 90 days including sale of the asset.
RInfra and YES Bank Limited (YES Bank) announced a sale transaction of Reliance Centre, Santacruz, Mumbai to YES Bank. (Photo: AFP)
Reliance Infrastructure on Thursday announced sale of Reliance Centre that houses the group’s headquarters to Yes Bank for Rs 1,200 crore.
In July last year, the lender had taken symbolic possession of the complex overlooking the Mumbai Airport. The action was taken after under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) to recover dues from Anil Ambani’s Reliance Infrastructure. In terms of amount, the dues stand at Rs 2,892 crore.
With this, Reliance Infrastructure (RInfra) has closed three major transactions in the last 90 days including sale of the asset.
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“RInfra and YES Bank Limited (YES Bank) announced a sale transaction of Reliance Centre, Santacruz, Mumbai to YES Bank,” the company said in a statement adding that the transaction value is Rs 1,200 crore.
“Entire proceeds from the sale of Reliance Centre, Santacruz, is utilized only to repay the debt of Yes Bank,” it said.
A company official said, with this transaction RInfra’s exposure to Yes Bank has been reduced from Rs 4,000 crore to Rs 2,000 crore and the company is committed to being a debt-free company by 2021.
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