IL&FS to monetise education, fund management units, invites bids

‘This will advance process for putting together resolution plans for the group’

Cash-strapped project developer and financier Infrastructure Finance and Leasing Services has decided to monetise its education business and alternative investment fund management business as it invited bids from potential investors.

“The board has decided to publicly solicit in two separate processes, expressions of interest for a sale of its interests in its education business comprising IL&FS’ interest in IL&FS Education and Technology Services Limited (IETS), along with other subsidiary businesses; and in Alternative Investment Fund Management business comprising IL&FS’ interests in IL&FS Investment Managers Limited (IIML) along with all its associated fund management platforms, as well as sponsor commitments relating to a few of the funds,” IL&FS said in a statement.

Services to K-12 schools

The company said the education business provides edu-tech services to K-12 schools and students through its proprietary digital content, devices, platforms and solutions, as well as (in a joint initiative with National Skills Development Corporation) offers job linked vocational skills programmes for the youth.

Further, the businesses in its subsidiaries provide advisory and project management services to central, State governments and industries for development of common infrastructure in industrial clusters, and technology-led knowledge management and assessment services for education, vocational skills and corporates.

The Alternative Investment Fund Management business, undertaken principally through IIML, manages private equity funds, infrastructure debt funds, etc., with total assets under management of approximately ₹13,340 crore.

“The board is cognisant that these steps are required to advance the process for putting together resolution plans for the IL&FS group, based on market interest and price discovery for various assets,” IL&FS said,

The board has appointed Arpwood Capital Pvt. Ltd. and JM Financial Ltd. as financial and transaction advisors along with Alvarez & Marsal as resolution consultants.

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Printable version | Apr 6, 2020 11:17:23 PM |

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