At Advanced Stage Of Discussions To Divest Road Business: Reliance Infra

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New Delhi: Reliance Infrastructure on Friday said it is at an advanced stage of discussions for divestment of its road business as part of its ongoing asset monetisation plans.

“As part of our ongoing asset monetisation plans, we are at an advanced stage of discussions for disinvestment of the roads business of the company,” R-Infra said in a filing to BSE.

The proceeds of the divestment, the Anil Ambani-led infrastructure major said, will be utilized for significant reduction of overall debt of the company.

The company was replying to a clarification sought by the bourses on a media report which said that “Brookfield Speeds ahead in Race for R-Infra, Exclusive talks on between two sides, definitive pact likely by next month”.

The company further informed the bourses that the owing to confidentiality provisions, it cannot comment on the identity of the preferred buyer.

“Appropriate disclosures will be made as and when final agreements are signed, resulting in a reportable event,” the filing said.

R-Infra is one of the largest infrastructure companies, developing projects through various Special Purpose Vehicles (SPVs) in several high growth sectors.