Reliance Infrastructure Limited (RInfra) and Yes Bank Limited (Yes Bank) on Thursday announced a sale transaction of Reliance Centre, Santacruz, Mumbai to Yes Bank. The transaction value is Rs 1,200 crore, Reliance said in a stock exchange release today.

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The entire proceeds from the sale of Reliance Centre, Santacruz will be utilized only to repay the debt of Yes Bank, it added.

As per the company, Reliance Infra has reduced exposure by 50 percent in the last 90 days. It has closed three major transactions in the last 90 days namely sale of road asset - Delhi Agra toll road, transmission asset - Parbat Koldfam Transmission Company Limited and sale of Reliance Centre, Santacruz.

Reliance Infra's exposure of Yes bank has been reduced from Rs 4,000 crore to Rs 2,000 crore. The company said it is committed to be a debt-free company in 2021.

Yes bank, meanwhile, said it is planning to use the building as its corporate headquarter.

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First Published:Apr 1, 2021 11:48 AM IST