IL&FS sells entire stake in Warora Chandrapur Highway
Debt-ridden Infrastructure Leasing and Financial Services (IL&FS) on Friday said it has completed sale of its 35 per cent stake in Warora Chandrapur Ballarpur Toll Road Ltd (WCBTRL) to its majority joint venture partner Vishvaraj Infrastructure Ltd (VIL).
The sale entails VIL taking over entire external debt of WCBTRL amounting to Rs 306 crore, providing equity value of over Rs 12 crore and settling IL&FS Group dues amounting to Rs 6 crore. This will result into resolving Rs 324 crore from the overall IL&FS Group’s debt of about Rs 99,000 crore, as of October 2018, a release said.
The key lenders to the project – Bank of India, Indian Overseas Bank and India Infrastructure Finance Company Ltd (IIFCL) – have all approved the sale and change in ownership, the release said.
