New Delhi: Reliance Infrastructure Ltd Thursday said it will sell its entire stake in Delhi-Agra Toll Roadway to Singapore-based Cube Highways for Rs 3,600 crore, following which the Anil Ambani led company’s debt will be reduced by 25 per cent to less than Rs 5,000 crore. Reliance Infrastructure (RInfra) has entered into a pact with Cube Highways in this regard. Cube Highways and Infrastructure III Pte Ltd is a Singapore-based company formed by global infrastructure fund – I Squared Capital and a wholly-owned subsidiary of the Abu Dhabi Investment Authority. Also Read – Maruti cuts production for 8th straight month in SepThe transaction is in line with Reliance Infrastructure’s strategic plan of monetising non-core business and focus on major growth areas like engineering & construction (E&C) business. RInfra on Thursday announced the signing of Definitive Binding Agreement with Cube Highways and Infrastructure III Pte Ltd for the sale of its 100 per cent stake in Delhi-Agra (DA) Toll Road Private Limited, the company said in a statement. “The total deal enterprise value is over Rs 3,600 crore. In addition, NHAI claims of Rs 1,200 crore to be filed by DA Toll Road Pvt Ltd will flow directly to Reliance Infrastructure,” the company added. Also Read – Ensure strict implementation on ban of import of e-cigarettes: revenue to CustomsRInfra said, it will utilise the proceeds of this transaction entirely to reduce its debt. “After the completion of the transaction for Delhi-Agra Toll Road, the debt of Reliance Infrastructure will reduce by 25 per cent to only less than Rs 5,000 crore,” the company said. The transaction is subject to all requisite permissions and approvals, it added. Reliance Infrastructure’s special purpose vehicle (SPV) DA Toll Road Private Limited operates the 180-km long six-lane road that connects the national capital Delhi with Agra on National Highway (NH) 2. “The profitable project has witnessed impressive revenue growth of 25 per cent in FY18,” the company said. The tolling operation for the heavily-trafficked project started in October 2012 and has a concession period till 2038. 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. Also, it is a major player in providing Engineering and Construction (E&C) services for developing power, infrastructure, metro and road projects. The company through its SPVs has executed a portfolio of infrastructure projects such as a metro rail project in Mumbai on build, own, operate and transfer (BOOT) basis; and eleven road projects with total length of about 1,000 kms on build, operate and transfer (BOT) basis.