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Anil Ambani sells Reliance Infra Mumbai HQ to YES Bank for Rs 1200 crore

Anil Ambani sells Reliance Infra Mumbai HQ to YES Bank for Rs 1200 crore

Anil Ambani Group’s Reliance Infrastructure (RInfra) on Thursday sold its headquarters (HQ) in Mumbai’s Santacruz to YES Bank for Rs 1,200 crore.
YES Bank, which currently operates from One Indiabulls Centre in central Mumbai, will convert the building into its corporate head office.
Once the HQ of Anil Ambani, Reliance Centre is a high-tech office building with over 695,000 square feet area on a plot of 15,514-square metre land.
Ambani shifted to this office after he moved out of Reliance’s Ballard Estate office. The entire proceeds from the sale of Reliance Centre will be utilised only to service the debt of YES Bank, RInfra said.
The lender had an exposure of Rs 4,000 crore in the company. With this deal, it has reduced its exposure by half. With this, RInfra has closed three major transactions since January this year.
These include the sale of Delhi-Agra toll road to Cube Highways and an electricity transmission asset Parbati Koldam Transmission Company to IndiGrid.
Real estate experts said the office enjoys prime location because of its proximity to Mumbai’s Western Express Highway.
It is a 15-minute drive to Chhatrapati Shivaji International Airport Terminal (T2), a 10-minute drive to the domestic airport terminal (T1), and a stone’s throw from Bandra-Kurla Complex business district.
Ambani, once the sixth richest person in the world, declared before a UK court in February 2020 that his net worth is zero and he is bankrupt, although the veracity of that claim is in question.
Ambani's father Dhirubhai died in 2002 without leaving a clear succession plan. After bickering between Anil and his brother Mukesh, their mother Kokilaben mediated and split the family owned businesses between the two brothers. Anil Ambani received parts of Reliance Group with interests in telecom, entertainment, financial services, power and infrastructure. Ambani is also credited with India's largest IPO, that of Reliance Power, which in 2008 was subscribed in less than 60 seconds, the fastest in the history of Indian capital markets to date.

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