Reliance Infra sells Reliance Centre, Santacruz to Yes Bank for settlement of debt

New Delhi: Reliance Infrastructure Limited (RInfra) on Thursday announced that it has sold its commercial property 'Reliance Centre, Santacruz, Mumbai' to YES Bank for Rs 1,200 crore. The money obtained from selling the property will be used for the repayment of loans of YES Bank, the company said.

 

"Reliance Infrastructure Limited (RInfra) and YES Bank Limited (YES Bank) announced a sale transaction of Reliance Centre, Santacruz, Mumbai to YES Bank. The transaction value is Rs.1200 Cr. Entire proceeds from sale of Reliance Centre, Santacruz is utilized only to repay the debt of YES Bank," the company said in an official release.

 

Last year in July, Yes Bank took over the possession of the Santacruz building, which till last year served as the company’s headquarter, and two other smaller properties owned by the company after it failed to repay dues of Rs 2,892 crore.

 

Reliance Infrastructure Limited

Reliance Infrastructure Limited (RInfra) is one of the largest infrastructure companies, developing projects through various Special Purpose Vehicles (SPVs) in several high growth sectors such as Power, Roads, and Metro Rail in the Infrastructure space and the Defence sector. RInfra is also a leading utility company having a presence across the value chain of power businesses i.e. Generation and Distribution.

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