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.
IL&FS completes China road asset sale, addresses ₹2,600 cr debt thehindu.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindu.com Daily Mail and Mail on Sunday newspapers.