IL&FS Group said it had received Justice (retd.) D.K. Jain’s approval for sale of Chenani Nashri Tunnelway Ltd. (CNTL) to Cube Highways and Infrastructure Pte Ltd. (CUBE).
ITNL (an IL&FS company) jointly along with its nominees, holds 100% equity of CNTL. IL&FS had invited EoIs for sale of its road assets in December 2018 and had received over two dozen EoIs from various companies for these assets. CUBE had bid approximately ₹3,900 crore for the entire 100% stake in CNTL.
The company said it would now seek approval from NCLT and NHAI to complete the sale transaction. On completion, this sale would help address ₹4,910 crore of IL&FS debt.
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