Debt-laden Infrastructure Leasing and Financial Services (IL&FS) on Wednesday said it has completed the sale of its 71.84 per cent stake in IL&FS Prime Terminals FZC to VTTI Terminal I BV.<\/p>\n
The transaction has resolved the group’s outstanding debt to the tune of Rs 757.79 crore, a release said. <\/p>\n
IL&FS’ stake in IL&FS Prime Terminals FZC (IPTF), a state-of-the art energy storage terminal situated in the UAE’s Fujairah, was held through IL&FS Maritime Infrastructure Company (IMICL). <\/p>\n
VTTI has acquired the stake from IMICL and other shareholders, the release said.<\/p>\n
VTTI will now own 90 per cent of the terminal, while the other 10 per cent will remain with the Fujairah government, the group said.<\/p>\n
The sale has also enabled release of a corporate guarantee of USD 110 million issued by IMICL for IPTF, it said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Debt-laden Infrastructure Leasing and Financial Services (IL&FS) on Wednesday said it has completed the sale of its 71.84 per cent stake in IL&FS Prime Terminals FZC to VTTI Terminal I BV. The transaction has resolved the group’s outstanding debt to the tune of Rs 757.79 crore, a release said. IL&FS’ stake in IL&FS Prime Terminals FZC (IPTF), a state-of-the art energy storage terminal situated in the UAE’s Fujairah, was held through IL&FS Maritime Infrastructure Company (IMICL). VTTI has acquired the stake from IMICL and other shareholders, the release said. VTTI will now own 90 per cent of the terminal, while […]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[135,130,232],"tags":[],"class_list":["post-451709","post","type-post","status-publish","format-standard","hentry","category-business-standard-newspapers","category-newspapers","category-power-business-standard-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/451709","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\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=451709"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/451709\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=451709"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=451709"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=451709"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}