IL&FS to sell Chinese road asset CYEC for Rs 2,074 crore to address debt: Report
Infrastructure Leasing and Financial Services (IL&FS) which is currently in troubled waters, has decided to sell its Chinese road asset for nearly Rs 2,074 crore to PingAn Insurance (Group) Company of China according to an Economic Times report.
The group has received the approval of the Supreme Court for the move that will help resolve the company’s debt worth Rs 2,500 crore. PingAn Group, one of the largest financial services companies in the world, emerged the highest bidder with $281 million for 100% stake in the Chongqing Yuhe Expressway Co Ltd (CYEC), the Chinese road asset of IL&FS.
CYEC holds and operates a concession for a toll-based expressway of approximately 58.72 km in Mainland China till 2032.
