Reliance Infrastructure Ltd, run by Anil Ambani, relocated its large office complex, Reliance Center, in Mumbai. 1,200 crore has been sold to Yes Bank.
Reliance Infrastructure said in a stock exchange filing, “The entire form of sale is for sale only to repay Yes Bank’s debt.”
Yes Bank will relocate its headquarters to this building with a risk of ₹ 4,000 crore to Reliance Infrastructure. Infrastructure officials at Reliance said the bank’s exposure has now reduced to Rs 2000 crore, with the company saying that the company has reduced its total exposure by 50% in the last 90 days. He said there are plans to become debt free in 2021.
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