IL&FS, which had sold the Chenani-Nashri Tunnel (CNTL) project in J&K to Cube Highways & Infrastructure last December for Rs 3,900 crore, is seeking a new buyer or a revised offer from the Singaporean highways player after the expiry of the sale pact and also an increase in valuation that has jumped to over Rs 5,200 crore now.
CNTL is a subsidiary of IL&FS Transportation Networks, which had singed a Rs 3,900-crore share purchase agreement with Cube in August 2020 but regulatory, including NCLT and NHAI, approvals came late, leading to the agreement getting lapsed this August.
