IL&FS puts stake in power firm up for sale
Debt-laden Infrastructure Leasing & Financial Services (IL&FS) has put its stake in IL&FS Tamil Nadu Power Company (ITPCL) up for sale and has invited expressions of interest from potential bidders.
ITPCL is a subsidiary of IL&FS Energy Development Company (IEDCL), another IL&FS Group company. IL&FS is looking divest its complete shareholding in ITPCL, which is held through a 92.42% stake by IEDCL and IL&FS and Foreign Currency Convertible Debentures of Rs 240 crore owned by IEDCL, the company said in a statement.
