INSUBCONTINENT EXCLUSIVE:
Reliance Infrastructure Ltd said on Thursday it would sell a special purpose vehicle (SPV) in northern India for an enterprise value of Rs
3,609 crore, which will help the company reduce its debt by 25 per cent.The decision is in line with the company's strategy to monetise
non-core business and aim to be debt-free by the end of the financial year, Reliance Infrastructure said in a statement.Singapore-based Cube
Highways and Infrastructure III Pvt Ltd will buy the Delhi-Agra (DA) Toll Road Pvt Ltd that operates a six-lane road connecting the national
capital Delhi with Agra.Cube Highways and Infrastructure is formed by global infrastructure fund - I Squared Capital and a unit of Abu Dhabi
Investment Authority.The entire proceeds from the sale will be used to reduce the company's debt to less than 50 billion rupees, the
Reliance Infrastructure had a debt of Rs 6,900 crore at the end of the September quarter.Claims of Rs 1,200 crore to be filed by the SPV
before the National Highways Authority of India will come directly to the company, Anil Ambani-controlled Reliance Infrastructure
added.Shares of Reliance Infrastructure traded 3 per cent lower in a flat Mumbai market.Get the latest election news, live updates and
election schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections
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