Yes Bank to Buy RInfra's Reliance Centre for Rs.1,200 cr

Reliance Infrastructure has announced the sale of Reliance Centre, Mumbai to Yes Bank of a road asset for Rs.1,200 crore. Including this deal, Reliance Infrastructure (RInfra) has closed three major transactions in the last 90 days that include the sale of a road asset. namely sale of road assets -- Delhi Agra Toll Road, Transmission Asset-Parbati Koldam Transmission Company limited and sale of Reliance Centre, Santacruz.

In a statement, the company states, ''RInfra and YES Bank Limited (YES Bank) announced a sale transaction of Reliance Centre, Santacruz, Mumbai to YES Bank. The transaction value is Rs.1,200 crore.”

Entire proceeds from the sale of Reliance Centre are utilized only to repay the debt of Yes Bank, it states.

Furthermore, the company official has stated that this transaction RInfra’s exposure of Yes Bank has been cut down from Rs.4,000 crore to Rs.2,000 crore and the company is committed to be a debt-free firm by 2021. YES Bank intends to use the building as its corporate headquarters.

Hence, Reliance Infrastructure Limited and YES Bank Limited have together announced a sale transaction of Reliance Centre, Santacruz, Mumbai to YES Bank. Also, the transaction value is estimated to be Rs.1,200 crore.

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 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 through its SPVs.

RInfra is also a leading utility organization having presence across the value chain of power businesses, i.e. Generation and Distribution.