Plans to spin off Railway, Metro, Airport and Road projects
The other road projects are Kandla-Mundra (Gujarat), Pune-Satara (Maharashtra), Hosur-Krishnagiri (Tamil Nadu) and Delhi-Agra.
It has two metro companies – Mumbai Metro One Private Ltd (MMOPL) and Delhi Airport Metro Express Private Ltd (DAMEPL), the latter had gone into arbitration and has won an award from the Delhi Metro Rail Corporation (DMRC).
It doesn’t have any railway projects in its kitty and plans to start bagging Indian Railway projects, too.
With their need to cut debt, these changes within their internal functioning may help in reducing their consolidated debt of Rs 25,821 crore, an analyst said.
Last year, RInfra was in talks with Canada-based Brookfield to sell its entire road portfolio of 11 road projects for about Rs 8,000 crore. But the deal was called off on account of the InvIT plan.
Initially, the company planned to raise Rs 5,000 crore through the InvIT route in Q4 of 2016-17. But due to clearance-related issues, it had to drop three road projects from the InvIT and trim its size to Rs 3,000 crore. The plan was to hit the markets by June 10. The company officials are tight-lipped on the revised date of InvIT launch.
“Sentiment isn’t great for their InvIT, that’s why they are yet to come out with InvIT,” said an analyst.
Possibly the company wants to create a better atmosphere and interest among the investors by pooling all these assets under one unit. “Investors may look at the portfolio in a combined way,” said an analyst who did not wish to be named.
UNDER ONE ROOF
- RInfra under the Reliance Airport Developers Pvt Ltd banner operates five brownfield airports in Maharashtra
- Under its road vertical, there are 11 projects – of which seven are to be listed under the InvIT