Mumbai: IL&FS has received approval to sell its stake in Chongqing Yuhe Expressway Co (CYEC) to China\u2019s largest insurer PingAn, which had emerged the highest bidder earlier this year. IL&FS owns 49% in the Chinese road asset through a Singapore subsidiary, with balance 51% held by Chongqing Expressway Group.
\nRetired supreme court judge D K Jain, who was appointed by the government to oversee asset sales of the troubled infrastructure and finance group, has given his approval for the sale. This paves the way for resolution of Rs 2,500 crore of debt. PingAn had offered a bid of $281 million for 100% stake in CYEC.
\nThis is the third major road project that has been cleared for sale. Earlier, justice Jain had approved the sale of Chenani Nashri Tunnelway to Cube Highways, which addressed Rs 4,910-crore debt, and Jorbat Shillong Expressway to Sekura Roads (Rs 1,600-crore debt).
\nThese three road projects address Rs 9,000 crore of debt. As against the targeted resolution of Rs 50,000 crore of debt by the end of this fiscal, the board has addressed Rs 19,000 crore in the first six months and plans to resolve an additional Rs 13,000 crore by end December 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"
Mumbai: IL&FS has received approval to sell its stake in Chongqing Yuhe Expressway Co (CYEC) to China\u2019s largest insurer PingAn, which had emerged the highest bidder earlier this year. IL&FS owns 49% in the Chinese road asset through a Singapore subsidiary, with balance 51% held by Chongqing Expressway Group. Retired supreme court judge D K Jain, who was appointed by the government to oversee asset sales of the troubled infrastructure and finance group, has given his approval for the sale. This paves the way for resolution of Rs 2,500 crore of debt. PingAn had offered a bid of $281 million […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,221,137],"tags":[],"class_list":["post-391709","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-roads-the-times-of-india","category-the-times-of-india"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/391709","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=391709"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/391709\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=391709"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=391709"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=391709"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}