India: Debt-ridden IL&FS completes stake sale in China road asset
Photo: Reuters
April 2, 2021
Debt-ridden Infrastructure Leasing and Financial Services (IL&FS) has completed 49% stake sale in its Chinese road asset – Chongqing Yuhe Expressway Co Ltd (CYEC), the company said on Thursday.
The stake is sold to China Merchants & Pingan Infrastructure Phase 1 Equity Investment Fund (Tianjin) Co Ltd (Pingan), a fund jointly owned by Pingan Insurance and China Merchants.
This is the largest transaction for IL&FS since the sale of its wind energy assets to Orix and will help the group address ₹2,600 crore of its overall debt of close to ₹99,000 crore (as of October 2018).
IL&FS sells stake in Chinese road asset to address Rs 2,600 crore debt
IL&FS In a major step towards resolving its overall debt, IL&FS on Thursday announced completion of its 49 per cent stake sale in Chinese road asset, Chongqing Yuhe Expressway Co Ltd (CYEC), which would help the company to address debt of about Rs 2,600 crore.
It sold the stake to China Merchants & PingAn Infrastructure Phase 1 Equity Investment Fund (Tianjin) Co Ltd (PingAn), a fund jointly owned by PingAn Insurance and China Merchants.
This is the largest transaction for IL&FS since the sale of its wind energy assets to Orix, IL&FS said in a statement.
CarDekho.com
Tata Motors on Thursday said it has completed the transfer of its defence business with effect from April 1 to Tata Advanced Systems Ltd (TASL) for an upfront consideration of Rs 227.7 crore.
The transfer has been completed through a slump sale as per Scheme of Arrangement approved by National Company Law Tribunal at Mumbai and Hyderabad, the auto major said in a regulatory filing.
Tata Motors has been in the defence sector for several decades, and currently has a wide portfolio of logistics, combat support and armoured vehicles for the defence, paramilitary and state police forces.
In recent years, the company has also focussed on developing armoured carriers and platforms such as wheeled amphibious armoured fighting vehicles, mine protected and light armoured multi-role vehicles.
IL&FS sells stake in Chinese road asset to address Rs2,600 cr debt
IANS
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In a major step towards resolving its overall debt, IL&FS on Thursday announced completion of its 49 per cent stake sale in Chinese road asset, Chongqing Yuhe Expressway Co Ltd (CYEC), which would help the company to address debt of about Rs 2,600 crore.
It sold the stake to China Merchants & PingAn Infrastructure Phase 1 Equity Investment Fund (Tianjin) Co Ltd (PingAn), a fund jointly owned by PingAn Insurance and China Merchants.
This is the largest transaction for IL&FS since the sale of its wind energy assets to Orix, IL&FS said in a statement.
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