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.