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India: Debt-ridden IL&FS sells environment business to EverSource

India: Debt-ridden IL&FS sells environment business to EverSource
Photo: Reuters
April 8, 2021
Beleagured infrastructure company IL&FS has sold its stake in environment business to EverEnviro Resource Management, a wholly owned subsidiary of Green Growth Equity Fund (GGEF), managed by EverSource Capital.
“The sale will reduce IL&FS overall debt by ₹1,200 crore which is the combined debt of entities under IL&FS’ environment businesses,” the company said in a statement today.
IL&FS, as the promoter of IL&FS Environmental Infrastructure and Services Ltd (IEISL), held 97.54% stake in the arm. The balance 2.46% was held by IL&FS Employee Welfare Trust. The entire shareholding in IEISL held by IL&FS Group has been transferred to EverEnviro Resource Management. ....

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IL&FS sells green arm, cuts debt by ₹1,200 crore

IL&FS sells green arm, cuts debt by ₹1,200 crore
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Updated:
Transfer of staff to save ₹50 cr. a year
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Transfer of staff to save ₹50 cr. a year
Debt-laden IL&FS said it has sold its entire stake in IL&FS Environmental Infrastructure & Services Ltd. (IEISL) and its subsidiaries to EverEnviro Resource Management Pvt. Ltd., reducing the overall debt by ₹1,200 crore.
“This sale will reduce IL&FS’ overall debt by ₹1,200 crore, which is the combined debt of entities under IL&FS’ environment businesses,” IL&FS Group said in a statement.
“In addition, around 4,000 employees, including consultants, have been transferred along with the businesses, thus effectively resulting in an annual savings of about ₹50 crore to the IL&FS Group,” it added. ....

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IL&FS sells green business, cuts Rs 1,200 crore debt

IL&FS sells green business, cuts Rs 1,200 crore debt
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IL&FS sells green business, cuts Rs 1,200 crore debt
TNN / Updated: Apr 8, 2021, 10:58 IST
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MUMBAI: IL&FS has sold group company IL&FS Environmental Infrastructure & Services (IEISL) and its subsidiaries to EverEnviro Resource Management, a subsidiary of the Green Growth Equity Fund (GGEF) managed by EverSource Capital. IL&FS held 97.5% of equity shares of IEISL.
The balance 2.5% was held by IL&FS Employee Welfare Trust. The entire shareholding in IEISL, held by IL&FS Group, has been transferred to EverEnviro. This sale will reduce the overall IL&FS debt by Rs 1,200 crore, which is the combined debt of entities under IL&FS’ environment businesses. ....

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IL&FS sells waste management business to Everstone arm; to reduce Rs 1,200 crore debt

IL&FS sells waste management business to Everstone arm; to reduce Rs 1,200 crore debt
The crippled IL&FS - which is under bankruptcy proceedings in NCLT - said the sale will reduce its overall debt by Rs 1,200 crore, which is the combined debt of entities under the group s environment businesses
PTI | April 8, 2021 | Updated 10:22 IST
Bankrupt Infrastructure Leasing & Financial Services (IL&FS) has sold the entire stake in the waste management arm IL&FS Environmental Infrastructure & Services (IEISL) and its subsidiaries to EverEnviro Resource Management (EverEnviro), an arm of the PE major Everstone Group, the companies said in separate statements.
Though the value of the deal was not specifically disclosed, the crippled IL&FS - which is under bankruptcy proceedings in NCLT - said the sale will reduce its overall debt by Rs 1,200 crore, which is the combined debt of entities under the group s environment businesses. ....

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IL&FS sells its environment business, reduces debt by Rs 1,200 cr

IL&FS sells its environment business, reduces debt by Rs 1,200 cr
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IANS
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IL&FS. (File Photo: IANS). Image Source: IANS News
Mumbai, April 7 : IL&FS has sold its stake in IL&FS Environmental Infrastructure & Services Limited (IEISL) and its subsidiaries to EverEnviro Resource Management Private Limited (EverEnviro), a 100 per cent owned subsidiary of the Green Growth Equity Fund (GGEF), a climate fund, managed by EverSource Capital.
This sale will reduce the overall debt of IL&FS by Rs 1,200 crore, which is the combined debt of entities under IL&FS environment businesses, IL&FS said in a statement.
IL&FS, as the promoter shareholder of IEISL, held 97.54 per cent of equity shares of the company. The balance 2.46 per cent was held by IL&FS Employee Welfare Trust. The entire shareholding in IEISL, held by IL&FS Group, has been transferred to EverEnviro. ....

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