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.