Business & Investment

Yesbank: Reliance Infrastructure sells Santa Cruz headquarters to Yesbank to repay debt

Anil Amberney led Commercial real estate In Santa cruz Suburbs of Mumbai Infrastructure companies announced Thursday that they would pay their lenders Rs 120 billion and use the proceeds from the transaction to repay their loans.

In July last year, Yes Bank took over ownership of the Santacruz building, which had been headquartered until last year, and two other small properties owned by the company after failing to repay the Rs 289.2 billion membership fee. ..

“Overall revenue from the sale of the Reliance Center, Santa Cruz will only be used to repay YES Bank’s debt,” Reliance Infrastructure said in a statement.

According to Reliance Infrastructure executives, Yes Bank will use the building as its headquarters and will soon relocate.

Reliance Infrastructure has sold its assets in 2021 with the aim of becoming debt-free. In the last three months, we have completed three transactions, including the sale of Santa Cruz real estate.

Reliance Infrastructure has completed the sale of its entire transmission joint venture with India’s state-owned Powergrid Corporation for a corporate value of Rs 900, the company led by Anil Amberney said Saturday.

In January, Reliance Infrastructure sold 74% of its Parbati Koldam Transmission Company, a transmission joint venture with Power Grid Corporation of India, for a corporate value of Rs 90 billion. We also completed the sale of the Delhi-Agra Road Project to Cube Highways and Infrastructure III Pte, achieving a corporate value of over Rs 3,600.

Prior to this, Reliance Infrastructure sold Mumbai’s electricity business to Adani Transmission. By the way, the company acquired land in Santa Cruz as part of the acquisition of the Mumbai power distribution business from the state-owned power company BSES in 2003. After that, he developed land to build commercial real estate and relocated his headquarters. The early headquarters of Ballard Estate. After Yesbank owned the building, Reliance Infrastructure returned its headquarters to the Ballard Estate office.

Yesbank: Reliance Infrastructure sells Santa Cruz headquarters to Yesbank to repay debt

https://economictimes.indiatimes.com/markets/stocks/news/reliance-infrastructure-sells-santacruz-hqs-to-yes-bank-to-repay-debt/articleshow/81867150.cms Yesbank: Reliance Infrastructure sells Santa Cruz headquarters to Yesbank to repay debt

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