India: Debt-ridden IL&FS completes stake sale in China road asset
Photo: Reuters
April 2, 2021
Debt-ridden Infrastructure Leasing and Financial Services (IL&FS) has completed 49% stake sale in its Chinese road asset – Chongqing Yuhe Expressway Co Ltd (CYEC), the company said on Thursday.
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.
This is the largest transaction for IL&FS since the sale of its wind energy assets to Orix and will help the group address ₹2,600 crore of its overall debt of close to ₹99,000 crore (as of October 2018).
IL&FS sells stake in Chinese road asset to address Rs 2,600 crore debt
IL&FS 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 Rs 2,600 crore.
It sold the stake to China Merchants & PingAn Infrastructure Phase 1 Equity Investment Fund (Tianjin) Co Ltd (PingAn), a fund jointly owned by PingAn Insurance and China Merchants.
This is the largest transaction for IL&FS since the sale of its wind energy assets to Orix, IL&FS said in a statement.
IL&FS sells stake in Chinese road asset to address Rs2,600 cr debt
IANS
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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 Rs 2,600 crore.
It sold the stake to China Merchants & PingAn Infrastructure Phase 1 Equity Investment Fund (Tianjin) Co Ltd (PingAn), a fund jointly owned by PingAn Insurance and China Merchants.
This is the largest transaction for IL&FS since the sale of its wind energy assets to Orix, IL&FS said in a statement.
IL&FS: IL&FS sells Chinese road assets, cuts Rs 2 6k cr debt indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
IL&FS completes stake sale in China road asset; deal to address Rs 2,600 crore debt
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).
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MUMBAI: 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.