Yes Bank buys Reliance Infra HQ in Mumbai for Rs 1,200 cr
Reliance Infrastructure Ltd has sold its Mumbai Santacruz headquarters, the Reliance Centre, to Yes Bank for Rs 1,200 crore.
Yes Bank, which currently operates from One Indiabulls Centre in central Mumbai, will convert the building into its corporate head office.
The Reliance Infrastructure headquarters office is a high-tech building with over 695,000 sq ft area on a plot of 15,514 sq m land.
Reliance Group Chairman Anil Ambani shifted to this office after he moved out of Reliance's Ballard Estate office. The entire proceeds from the sale of Reliance Centre will be utilised only to service Yes Bank's debt, Reliance Infrastructure told the media.
Real estate industry experts told the media that the office enjoys a prime location because of its proximity to Mumbai's western express highway. It is a 15-minute drive to Chhatrapati Shivaji International Airport terminal (T2), a 10-minute drive to the domestic airport terminal (T1), and is located in close proximity to the Bandra-Kurla Complex business district.
Yes Bank had an exposure of Rs 4,000 crore in Reliance Infrastructure. With this deal, it has reduced its exposure by half.
With the deal, Reliance Infrastructure has closed three major transactions since January this year. The other two transactions include the sale of Delhi-Agra toll road to Cube Highways and an electricity transmission asset Parbati Koldam Transmission Company to IndiGrid.