ADIA’s unit acquires $519m Indian highway project

Abu Dhabi – Mubasher: A wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) has inked a deal with India’s Reliance Infrastructure (RInfra) to acquire a highway project, Delhi-Agra Toll Road Pvt Ltd.

The acquisition’s total cost amounted to $519 million, RInfra said in a statement.

“RInfra today announced the signing of Definitive Binding Agreement with Cube Highways and Infrastructure III Pte Ltd for the sale of its 100% stake in Delhi-Agra (DA) Toll Road Private Limited,” RInfra commented.

Special purpose vehicle Delhi-Agra Toll Road Private Limited operates the showpiece 180 kilometers long six-lane road, connecting the national capital Delhi with Agra.

The tolling operation for the heavily-trafficked project started in October 2012 and has a concession period until 2038.

By finishing the transaction, the debt of Reliance Infrastructure will reduce by 25% to less than $720 million, the company said.

Mubasher Contribution Time: 14-Mar-2019 14:40 (GMT)
Mubasher Last Update Time: 14-Mar-2019 14:45 (GMT)

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