Reliance Infrastructure Plans To Monetise Mumbai Office Building To Pare Debt
The company aims to be debt-free by 2020.
Reliance Infrastructure Ltd. announced its plan to monetise its office building located in Mumbai’s Santacruz East and said the proceeds will be utilised to repay debt.
In a filing to the Bombay Stock Exchange, the company said, “Reliance Infrastructure plans to monetise its marquee Reliance Centre Office located in Santacruz East, Mumbai.”
The company plans to do this by way of long-term lease and it will utilise 100 percent of the proceeds only for debt reduction, the filing said.
“Reliance Infrastructure will continue to own the premises, and monetisation would be by way of long-term lease,” it said, adding that the company aims to be debt-free in 2020.
Reliance Centre is an office building with over 6.95 lakh square feet area on a plot of 15,514 square metre.
The office is located at prime location adjacent the Mumbai’s Western Express Highway and is a 15-minute drive away from the Chhatrapati Shivaji International Airport Terminal, a 10-minute drive from Domestic Airport Terminal, a 20-minute drive from Bandra-Kurla-Complex business district, and walking distance from the upcoming Santacruz metro station.
Current staff operating from Reliance Centre would be relocated to multiple properties owned by the Group across Mumbai, including Ballard Estate.