Image default
Energy Events

IL&FS receives approval to sell Chenani Nashri Tunnel to Cube highways for Rs 3900 crore

InfrastructureLeasing and Financial Services(IL&FS) group has received Justice DK Jain’s approval to sellthe Chenani Nashri Tunnelway Limited(CNTL) toCube Highwaysfor a total consideration of Rs 3900 crore. This would help resolve total debt of Rs 4910 crore in which the lender’s would take a 20% haircut.

The company will now seek approval from NCLT and NHAI to complete the sale. The proceeds of the sale will be distributed in accordance with the resolution framework, IL&FS said.

In March this year the committee of creditors had approved the sale of Chenani Nashri Tunnel to the highest bidder Cube Highways with a vote of over 90%.

Part of the ambitious 286 km long four-laning of the Jammu-Srinagar National Highway, the 9.2 km Chenani Nashri Tunnel cuts down distance between Jammu and Srinagar by 31 kms.

In addition to sale of road assets, IL&FS has also secured in-principle approval from Sebi to form INVIT for 11 road assets in two phases. Sale of road assets is part of the IL&FS board strategy to resolve debt worth Rs 99,000 crore.
(Catch all theBusiness News,Breaking NewsEvents andLatest NewsUpdates onThe Economic Times.)

Download The Economic Times News App to get Daily Market Updates & Live Business News.


Related posts

National policies on e-commerce, retail trade, logistics, industry in final stage of drafting: Som Parkash


‘Orwellian’: Coalition accused of planning to open green bank to fossil fuel investments


MIP extension is key to a healthy steel industry


Leave a Comment