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IL&FS Sells Key Tunnel Asset for ₹6,145 Crore
20 Nov
Summary
- ITNL completed the sale of its subsidiary CNTL.
- Cube Highways acquired the asset for ₹6,145 crore.
- This deal resolves over ₹5,454 crore of debt.
IL&FS Transportation Networks Limited (ITNL) announced the completion of its subsidiary, Chenani Nashri Tunnelway Limited (CNTL), transfer to Cube Highways & Infrastructure II Pte. This landmark deal, valued at ₹6,145 crore, is a major step in ITNL's asset resolution process.
The transaction addresses approximately ₹5,454 crore in debt, benefiting a consortium of public and private sector lenders. Cube Highways will assume ownership, with ITNL's nominee directors on CNTL's board resigning and Cube's nominees stepping in. This sale represents one of the largest asset resolutions within the IL&FS Group.
This divestment significantly contributes to IL&FS Group's debt discharge, pushing the total beyond ₹48,000 crore. Lenders involved in the CNTL facility are anticipated to recover between 98% and 124% of their exposure, depending on loan seniority.
