IL&FS has sold its 52.3% stake in Terracis Technologies (TTL) to Philippines-based Falcon SG Holdings. The transaction has addressed Rs 1,275 crore of the IL&FS group debt and resulted in its exit from technology business. The sale of TTL has been completed in accordance with the resolution framework, under supervision of Justice (retd) D K Jain and with an approval from the Mumbai bench of the NCLT. It will result in over 200 employees from these companies shifting to the new promoter Falcon SG, which is a wholly owned subsidiary of Falcon Investments Pte Ltd, a part of Gateway Partners and Avenue Capital Group.

Debt-ridden Infrastructure Leasing and Financial Services (IL&FS) on Thursday said it has completed sale of its 52.26% stake in Terracis Technologies Ltd (TTL) to Falcon SG Holdings. With this, the group has resolved close to Rs 1,275 crore of its debt and has completely exited the technology business, a release said. This is an equity positive transaction wherein the entire debt has been taken over by the new promoter, it said. The transaction would release corporate guarantees extended by various IL&FS group entities and will also facilitate reduction of five entities within the group.

IL&FS Group said it has completed sale of its 52.26% stake in Terracis Technologies Ltd. (TTL) to Falcon SG Holdings, (Philippines) Inc. TTL was formerly known as IL&FS Technologies Ltd. and Falcon SG is a wholly owned subsidiary of Falcon Investments Pte Ltd., a part of Gateway Partners and Avenue Capital. With this stake sale, IL&FS said it has resolved about Rs 1,275 crore of group debt and completely exited the technology business.

Debt-laden Infrastructure Leasing and Financial Services (IL&FS) on Wednesday said it has completed the sale of its 71.84% stake in IL&FS Prime Terminals FZC to VTTI Terminal I BV. The transaction has re-solved the group's outstanding debt to the tune of Rs 757.79 crore, a release said. IL&FS' stake in IL&FS Prime Terminals FZC (IPTF), an energy storage terminal situated in the UAE's Fujairah, was held through IL&FS Maritime Infrastructure Company (IMICL).

IL&FS has said that it has completed the sale of its 71.8% stake in IL&FS Prime Terminals (IPTF) to VTTI Terminal I BV (VTTI). The sale of IPTF has resulted in resolution of Rs 757 crore of group debt and will reduce non-performing assets for lenders. The IL&FS stake in Prime Terminals was held through IL&FS Maritime Infrastructure (IMICL). VTTI has acquired the energy storage terminal situated in UAE from IMICL and other shareholders. VTTI specialises in energy storage operations and has set up greenfield terminals as well as acquired and upgraded facilities across the world.

The IL&FS Group has completed sale of its 52.26 per cent stake in Terracis Technologies Limited (TTL) to Falcon SG Holdings, (Philippines) Inc (Falcon SG). With this stake sale, IL&FS has resolved approx. Rs 1,275 crore of its Group debt and completely exited the technology business. This is an equity positive transaction wherein the entire debt has been taken over by the new promoter. Apart from some foreign banks and institutions, State Bank of India, Axis Bank and Indian Bank were key Indian lenders to the company.

Debt-ridden Infrastructure Leasing and Financial Services (IL&FS) on Thursday said it has completed sale of its 52.26 per cent stake in Terracis Technologies Ltd (TTL) to Falcon SG Holdings, (Philippines) Inc (Falcon SG). With this, the group has resolved close to Rs 1,275 crore of its debt and has completely exited the technology business, a release said. This is an equity positive transaction wherein the entire debt has been taken over by the new promoter, it said.

The IL&FS Group has completed sale of its 52.26 per cent stake in Terracis Technologies Limited (TTL) to Falcon SG Holdings, (Philippines) Inc. With this stake sale, IL&FS has resolved ₹1,275 crore of its Group debt and completely exited the technology business. “This is an equity positive transaction wherein the entire debt has been taken over by the new promoter. Apart from some foreign banks and institutions, State Bank of India, Axis Bank and Indian Bank were key Indian lenders to the company,” IL&FS said in a statement.

The IL&FS Group has completed the sale of its 71.84 per cent stake in IL&FS Prime Terminals FZC (“IPTF”) to VTTI Terminal I BV (“VTTI”). Sale of IPTF has successfully resolved IL&FS Group debt outstanding to the tune of Rs 757.79 crore through this transaction. IL&FS stake in Prime Terminals FZC was held through IL&FS Maritime Infrastructure Company Limited (“IMICL”). VTTI has acquired this state-of-the art energy storage terminal situated in Fujairah from IMICL and other shareholders. VTTI will now own 90 per cent of the terminal, while the other 10 per cent will remain with the Fujairah Government. This acquisition of the 333,484 m3 terminal will help the company to expand its long-established position in the Port of Fujairah.

The IL&FS group has completed the sale of its 71.84 per cent stake in IL&FS Prime Terminals FZC to VTTI Terminal I BV, resolving an outstanding debt of Rs 757.79 crore. Key lenders to the company were First Abu Dhabi Bank, National Bank of Fujairah, State Bank of India - that had debt outstanding of over $80 million, which has been fully repaid, the company said in a release.