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.
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The National Company Law Appellate Tribunal (NCLAT) has ordered an interim stay on a specific section of the Kolkata National Company Law Tribunal (NCLT) order, which prevented the Reserve Bank of India (RBI) from taking any coercive action against SREI Equipment Finance Ltd. The interim stay (partial relief to the RBI), as per the order, will remain effective till pendency of the RBI s application.
The order by a two-member bench of the NCLAT observed that any opinion on NCLT’s power to pass an order against RBI can affect the merits of the appeal and so the Tribunal deemed it fit to pass an ad-interim order.
Fiscal Year 2021 had been a year of despair and surprise. The pandemic unleashed a crippling blow to the economy, with the first quarter spent in extended lockdowns, leaving the economy in devastation.
Expectations of investment returns vary. In the 1990s, I recall that sell side (stockbrokers whose job is to sell stocks) would tell the buy side (mutual fund managers whose job is to buy) that, in Indian markets, a 30% compounded annual growth rate (CAGR) is possible.