IL&FS sells green arm, cuts debt by ₹1,200 crore
Updated:
Updated:
Transfer of staff to save ₹50 cr. a year
Share Article
Transfer of staff to save ₹50 cr. a year
Debt-laden IL&FS said it has sold its entire stake in IL&FS Environmental Infrastructure & Services Ltd. (IEISL) and its subsidiaries to EverEnviro Resource Management Pvt. Ltd., reducing the overall debt by ₹1,200 crore.
“This sale will reduce IL&FS’ overall debt by ₹1,200 crore, which is the combined debt of entities under IL&FS’ environment businesses,” IL&FS Group said in a statement.
“In addition, around 4,000 employees, including consultants, have been transferred along with the businesses, thus effectively resulting in an annual savings of about ₹50 crore to the IL&FS Group,” it added.
EverEnviro acquires IL&FS Environmental Infrastructure & Services Ltd
April 07, 2021
The financial terms of the deal were not disclosed
EverEnviro Resource Management Pvt Ltd, a wholly-owned subsidiary of Green Growth Equity Fund (GGEF), has acquired the entire stake of integrated waste management company, IL&FS Environmental Infrastructure & Services Ltd (IEISL). The financial terms of the deal were not disclosed.
This deal, one of the largest in municipal solid waste management (MSW) in India, also includes the assets of IEISL’s subsidiaries RDF Power Projects Ltd (RDFPPL), East Delhi Waste Processing Company Ltd (EDWPCL), Swayam Swachatta Initiative Ltd (SSIL), Dakshin Dilli Swachh Initiatives Ltd (DDSIL) and Kanak Resources Management Ltd (KRML), the company said in a statement.