Beleaguered Reliance Infra sells off this building to Yes Bank for Rs 1,200 cr
New Delhi: Anil Ambani led Reliance Infrastructure (RInfra) has sold off Reliance Centre at Santacruz in Mumbai to Yes Bank for Rs 1,200 crore.
The sale proceeds of the building will be utilized to repay the debt of the bank, RInfra said in a regulatory filing.
RInfra has now cut exposure to the bank by half in the last 3 months. It has sold off three assets in the past 90 days- Delhi-Agra Toll Road, Parbat Koldfam Transmission and now Reliance Centre, Santacruz.
Thus, RInfra’s exposure to Yes bank has been cut to Rs 2,000 crore from Rs 4,000 crore. The Anil Ambani company also said it intends to be a debt free company in 2021.
Yes Bank, on the other hand, said it looking forward to use Reliance Centre- Santacruz as its corporate headquarter.
RInfra defaulted in repayment to Jammu and Kashmir Bank and SREI Equipment Finance Ltd for loans taken by it in October 2020. On 29 April 2020, RInfra defauted in repayemnt to Yes Bank. On 1 May 2020, RInfra again defaulted in repayemnt to Yes Bank. On 30 April 2020, RInfra defaulted in repayment to both Jammu and Kashmir Bank and SREI Equipment Finance Ltd.