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).
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 stake sale in China road asset to Pingan aninews.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from aninews.in Daily Mail and Mail on Sunday newspapers.
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 .
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.