IL&FS sells environment business; to pare Rs 1,200 crore of debt
Debt-laden Infrastructure Leasing and Financial Services (IL&FS) on Wednesday said it has sold its entire stake in IL&FS Environmental Infrastructure & Services (IEISL) and its subsidiaries to EverEnviro Resource Management Private (EverEnviro). This sale will reduce IL&FS’s overall debt by Rs 1,200 crore, which is the combined debt of entities under the group’s environment businesses, a release said.
IL&FS, as the promoter shareholder of IEISL, held 97.54 per cent of equity shares of IEISL. The balance 2.46 per cent was held by IL&FS Employee Welfare Trust. The entire shareholding in IEISL, held by IL&FS Group, has been transferred to EverEnviro, which is a 100 per cent owned subsidiary of the Green Growth Equity Fund (GGEF), managed by EverSource Capital, the release said.
