Friday, April 2, 2021

Reliance Infra sells HQ in Mumbai's Santacruz to YES Bank for Rs 1200 cr

 

The entire proceeds from the sale of Reliance Centre will be utilised only to service YES Bank debt.

IMAGE: Reliance Group chairman Anil Ambani. Photograph: Francis Mascarenhas/Reuters

Anil Ambani Group’s Reliance Infrastructure (RInfra) on Thursday sold its headquarters (HQ) in Mumbai’s Santacruz to YES Bank for Rs 1,200 crore.

YES Bank, which currently operates from One Indiabulls Centre in central Mumbai, will convert the building into its corporate head office.

Once the HQ of Anil Ambani, Reliance Centre is a high-tech office building with over 695,000 square feet area on a plot of 15,514-square metre land.

Ambani shifted to this office after he moved out of Reliance’s Ballard Estate office.

The entire proceeds from the sale of Reliance Centre will be utilised only to service the debt of YES Bank, RInfra said.

The lender had an exposure of Rs 4,000 crore in the company. With this deal, it has reduced its exposure by half.

With this, RInfra has closed three major transactions since January this year.

These include the sale of Delhi-Agra toll road to Cube Highways and an electricity transmission asset Parbati Koldam Transmission Company to IndiGrid.

Real estate experts said the office enjoys prime location because of its proximity to Mumbai’s Western Express Highway.

It is a 15-minute drive to Chhatrapati Shivaji International Airport Terminal (T2), a 10-minute drive to the domestic airport terminal (T1), and a stone’s throw from Bandra-Kurla Complex business district.

 

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