IL&FS sells 49% stake in Chinese road asset CYEC
INFRASTRUCTURE LEASING and Financial Services (IL&FS) on Thursday announced the completion of its 49 per cent stake sale in its Chinese road asset Chongqing Yuhe Expressway Co Ltd (CYEC). The stake has been 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.
This is the largest transaction for IL&FS since the sale of its wind energy assets to Orix.
IL&FS has received Rs 1,035 crore ($141.3 million) in Singapore as part of this stake sale transaction. The consideration will be used to pay $88 million of Bank of Baroda loans and the balance to meet IIPL liabilities — including bondholders under IOPL.
