Rel Infra looks to divest toll road assets by Sept

The Anil Ambani-led Reliance Infrastructure Ltd. is contemplating selling its 11 toll road assets to an overseas buyer for $1.5 billion. The company revealed that the deal would go through by September 2016. Before finalising a buyer for its entire roads portfolio, Reliance Infrastructure will hold exclusive talks with two consortiums of long-term financial investors that it has already short-listed. The sale of its road assets will allow the company to become debt-free by March 2017. The company has already signed an agreement with Birla Corp for Rs.4,800 crore for the sale of its cement assets. Reliance Infrastructure also has a non-binding term sheet to divest 49 per cent of its power business in Mumbai to Public Sector Pension Investment Board, a Canadian pension fund. The company anticipates a binding offer from the Canadian fund in March 2017