RInfra sells office building to Yes Bank for ₹1,200 cr.

Anil Ambani-run Reliance Infrastructure Ltd. has sold Reliance Centre, its large office premises in Mumbai, to Yes Bank for ₹1,200 crore.

“The entire proceeds form the sale is utilised only to repay the debt of Yes Bank,” Reliance Infrastructure said in a stock exchange filing.

Yes Bank, with an exposure of ₹4,000 crore to Reliance Infrastructure, would shift its headquarters to this building. The bank’s expsoure Now the exposure has been reduced to Rs 2000 crore, Reliance Infrastructure officials said adding the company has reduced its total exposure by 50% in the last 90 days. It plans to be debt free in 2021, they added.

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