IL&FS gets nod to sell CNTL to CUBE

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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Printable version | Jan 23, 2021 2:24:12 PM |

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