IL&FS invites bids for ITNL stake in China firm

EoI invited to buy shares in 49% equity

April 26, 2019 10:54 pm | Updated 10:54 pm IST - Mumbai

A logo of IL&FS (Infrastructure Leasing and Financial Services Ltd.) is seen on a building at its headquarters in Mumbai March 25, 2015. India's Infrastructure Leasing & Financial Services Ltd (IL&FS) plans to more than triple its power generation capacity in five years, a top executive said, betting on demand for renewable energy sources like wind and solar in Asia's third-largest economy. REUTERS/Shailesh Andrade

A logo of IL&FS (Infrastructure Leasing and Financial Services Ltd.) is seen on a building at its headquarters in Mumbai March 25, 2015. India's Infrastructure Leasing & Financial Services Ltd (IL&FS) plans to more than triple its power generation capacity in five years, a top executive said, betting on demand for renewable energy sources like wind and solar in Asia's third-largest economy. REUTERS/Shailesh Andrade

Troubled infrastructure conglomerate Infrastructure Leasing & Financial Services Ltd. (IL&FS) has invited expression of interest from potential investors for buying stake in ITNL International Pte Ltd.’s 49% equity in Chongqing Yuhe Expressway Company Limited, a company incorporated in China Mainland.

ITNL International Pte Ltd. is a company incorporated in Singapore and is a wholly-owned subsidiary of IL&FS Transportation Networks Limited. ITNL is a subsidiary of IL&FS.

“Chongqing Yuhe Expressway Company Limited currently holds a concession for a toll-based expressway of approximately 58.72 km in China Mainland, over which it has the right to collect toll from users,” IL&FS said. “Approximately 13.25 years of the term of the current concession remain as of 31 March 2019, and Chongqing Yuhe Expressway Company Limited has rights to collect toll from users and subsidies from the Chinese Government for the balance period of the concession,” it added.

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