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\u2019s leading climate fund, managed by EverSource Capital.<\/p>\n
IL&FS, held 97.54 percent stake in the environment business the balance was held by IL&FS Employee Welfare Trust.<\/p>\n
This sale will reduce overall debt by Rs 1,200 crore – which is the combined debt of entities under IL&FS\u2019 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.<\/p>\n","protected":false},"excerpt":{"rendered":"
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\u2019s 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\u2019 environment businesses. In addition, around 4,000 employees, including consultants, have been transferred along with the businesses, […]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,193,136],"tags":[],"class_list":["post-409865","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-roads-the-economic-times","category-the-economic-times"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/409865","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\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=409865"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/409865\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=409865"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=409865"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=409865"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}