What did IL&FS Transportation Networks Limited sell?

ITNL sold its subsidiary, Chenani Nashri Tunnelway Limited (CNTL), which operates a significant road asset.

Who acquired the CNTL asset from IL&FS?

Singapore-based Cube Highways & Infrastructure II Pte acquired the CNTL asset.

How much debt was resolved through the CNTL sale?

The sale of CNTL resolved approximately ₹5,454 crore of debt owed to various lenders.

Home / Business and Economy / IL&FS Sells Key Tunnel Asset for ₹6,145 Crore

IL&FS Sells Key Tunnel Asset for ₹6,145 Crore

20 Nov

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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 Sells Key Tunnel Asset for ₹6,145 Crore

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.

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