IL&FS completes stake sale in China road asset; deal to address Rs 2,600 crore debt

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.