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CAM acts for IL&FS on $141 6m Chinese road asset sale

Go Your browser has Javascript disabled, so some things may not quite work how they should on LI right now: please enable JavaScript in your browser to fix things, we have no nefarious trackers, or scripts by Facebook, Google or others. In Brief Friday, 16 April 2021 18:38 Projects “Debt-laden Infrastructure Leasing and Financial Services (IL&FS) has completed the sale of its 49% stake in a Chinese expressway project, that will help the company address debt worth Rs 2,600 crore.”, reports The Economic Times. The transaction involved sale of 49% shareholding amounting to INR 1035 crores ($141.6M) held by the Singapore based subsidiary of IL&FS Transportation Networks, ITNL International Pte Ltd. (IIPL) in Chongqing Yuhe Expressway Company Limited (CYEC) to China Merchants & Ping An Fund.

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IL&FS board revises debt recovery target upwards to Rs 61,000 crore

Stocks to watch: Tata Motors, RIL, Adani Enterprises, Britannia, SAIL

Stocks to watch: Tata Motors, RIL, Adani Enterprises, Britannia, SAIL
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IL&FS subsidiary receives Rs 1,804 crore from NHAI as settlement

An arm of IL&FS has received Rs 1,804 crore as claim settlement from the National Highways Authority of India (NHAI). This will help the subsidiary address its Rs 3,500-crore debt. “The NHAI and ministry of road transport and highways have settled aggregate IL&FS claims of over Rs 1,804 crore across six road projects,” said an official statement. IL&FS Transportation Networks (ITNL), a subsidiary of IL&FS, on March 31, 2021, received a settlement amount of Rs 673 crore for Kiratpur Ner Chowk Expressway (KNCEL) and around Rs 20 crore towards claims for Chenani Nashri Tunnelway (CNTL) from NHAI. The KNCEL project was foreclosed under the ministry of road transport and highways guidelines of March 2019 for incomplete or stalled projects.

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Debt-laden IL&FS sells 49% stake in China road asset for Rs 1K crore

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.

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