Debt-laden Infrastructure Leasing and Financial Services (IL&FS) on Thursday announced completion of 49 per cent stake sale in its Chinese road asset - Chongqing Yuhe Expressway Co Ltd (CYEC). 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, a release from IL&FS Group said. The transaction will help the group address Rs 2,600 crore of its overall debt of close to Rs 99,000 crore (as of October 2018). The group, through its step-down Singapore-based subsidiary, ITNL International Pte Ltd (IIPL), was holding 49 per cent stake in CYEC. The balance 51 per cent stake in CYEC is held by Chongqing Expressway Group (CEG).
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.
Debt-laden Infrastructure Leasing & Financial Services (IL&FS) on Thursday announced completion of a 49 per cent stake sale in its Chinese road asset, Chongqing Yuhe Expressway Co. (CYEC).
IL&FS has duly received Rs 1,035 crore (or $141.3 million) in Singapore as part of this stake sale transaction.
The stake is sold to China Merchants & PingAn Infrastructure Phase 1 Equity Investment Fund (Tianjin) Co. (PingAn), a fund jointly owned by PingAn Insurance and China Merchants, stated the release from IL&FS Group.
The transaction will help the group address Rs 2,600-crore (of its overall debt of close to Rs 99,000 crore as of October 2018). It further maintains its estimates of addressing aggregate debt of over Rs 56,000 crore by 2021-22.
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 .
With effect from 01 April 2021Tata Motors has completed the transfer of its Defense business with effect from 1 April 2021 to Tata Advanced Systems (TASL) for an upfront consideration of Rs 227.7 crore (which is subject to closing balance
sheet adjustments). The transfer has been completed through a slump sale as per Scheme of Arrangement approved by National Company Law Tribunal at Mumbai and Hyderabad.
TML has been in the defense sector for several decades, and currently has a wide portfolio
of logistics, combat support and armoured vehicles for the defense, paramilitary and state
police forces. In recent years, TML has also focused on developing state-of-art armoured