RInfra plans to sell five road assets to Singapore’s Cube Highways

16 Jul 2021 CW Team

Reliance Infrastructure (RInfra) is in talks with global investment players such as Cube Highways, Brookfield, Apollo Global, and Canadian institutional investor Caisse de dépôt et placement du Québec (CDPQ) for the sale of five road assets.

The five roads include DS Toll Road, NK Toll Road and SU Toll Road in Tamil Nadu, JR Toll Road in Rajasthan, and Pune-Satara highway in Maharashtra, according to the sources.

The five roads are expected to fetch about Rs 3,250 crore, which will support the company to lessen its consolidated debt of Rs 14,260 crore as of March 2021.

The 283 km toll road assets in Tamil Nadu and Rajasthan have a balance concession period of up to 12 years. Cube Highways has shown interest in these projects with a proposal of Rs 1,430 crore.

Sources told the media that the Pune-Satara highway is being discussed with Apollo Global Investment Partner, Brookfield, and CDPQ and is expected to obtain about Rs 1,800 crore.

While CDPQ and Brookfield refused to comment, an email to Apollo Global and a message to Cube Highways did not obtain any response.

The sale of DA Toll Road to Cube Highways and Infrastructure III for an enterprise worth above Rs 3,600 crore was completed by RInfra in January. At that time, the proceeds were used to reduce the total debt liabilities of Reliance Infra by about 20%.

The company aims to be debt-free by March 2022 as it is on a debt reduction drive. RInfra announced fundraising of Rs 550 crore from the promoter group and VSFI Holding, a subsidiary of Varde Investment Partners. The funds raised will be used for long-term resources to fund future growth and to lessen debt.

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Also read: KKR to acquire GIP's highway business

Also read: Cube Highways signs up with BRNL for transfer of NH-34 segment

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