IL&FS sells Chinese road assets, cuts Rs 2.6k cr debt
Mumbai: In a move that has led to the resolution of an additional Rs 2,600-crore debt, IL&FS completed the sale of its 49% stake in its Chinese road asset Chongqing Yuhe Expressway (CYEC). The stake was sold to China Merchants & PingAn Infrastructure Phase 1 Equity Investment Fund (Tianjin) — 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. The transaction involved a combination of cash payment and debt transfer. IL&FS has already received Rs 1,035 crore in Singapore as part of the deal.
