Beleaguered infrastructure financier IL&FS has sold its stake in environment business – IL&FS Environmental Infrastructure & Services Limited and its subsidiaries – to EverEnviro Resource Management Private Limited, a 100% owned subsidiary of the Green Growth Equity Fund, India’s leading climate fund, managed by EverSource Capital.
IL&FS, held 97.54 percent stake in the environment business the balance was held by IL&FS Employee Welfare Trust.
This sale will reduce overall debt by Rs 1,200 crore – which is the combined debt of entities under IL&FS’ environment businesses. In addition, around 4,000 employees, including consultants, have been transferred along with the businesses, thus effectively resulting in annual savings of around Rs 50 crores to the IL&FS Group, the company said in a press release.
