IL&FS gets approval to sell China road asset
Justice Jain has been appointed to supervise the operation of the resolution process undertaken by debt-laden IL&FS.
IL&FS
IL&FS Group has received Justice (Retd) D.K. Jain s approval for sale of its Chinese road asset - Chongqing Yuhe Expressway Co Ltd (CYEC) to China Merchants & PingAn Infrastructure Phase 1 Equity Investment Fund (Tianjin), a group company of PingAn Insurance Company of China.
Justice Jain has been appointed to supervise the operation of the resolution process undertaken by debt-laden IL&FS.
The sale of the Chinese road asset will allow IL&FS to settle about Rs 2,600 crore of debt at the group level.