IL&FS’ stake sale in IPRWL to Indian Oil Adani hits IOC hurdle

The sale of IL&FS Paradip Refinery Water to IndianOil Adani Ventures, a deal worth ₹600 crore, has hit a roadblock with the state-owned refiner Indian Oil Corporation (IOC) delaying the consent, raising concerns about the timely completion of the sale. The IL&FS board is planning to approach the National Company Law Appellate Tribunal (NCLAT) to proceed with the sale without IOC’s consent.