In the news
26 Nov 2021

IL&FS sells tech business, clears Rs 1,275 cr. debt

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.

In the news
25 Nov 2021

IL&FS completes stake sale in Prime Terminals FZC

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).

In the news
25 Nov 2021

IL&FS resolves Rs 757cr debt, exits terminal

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.

Press release
25 Nov 2021

IL&FS COMPLETES STAKE SALE IN TERRACIS TECHNOLOGIES LIMITED, RESOLVES APPROX RS 1,275 CRORE DEBT, EXITS TECHNOLOGY BUSINESS

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.

In the news
25 Nov 2021

IL&FS completes stake sale in Terracis Technologies, resolves Rs 1,275 cr debt

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.

In the news
25 Nov 2021

IL&FS sells 52.26% stake in Terracis Technologies to Falcon SG Holdings

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.

Press release
24 Nov 2021

IL&FS COMPLETES STAKE SALE IN PRIME TERMINALS FZC, RESOLVES RS 757 CRORE DEBT

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.

In the news
24 Nov 2021

IL&FS resolves outstanding debt of Rs 758 crore, completes stake sale in Prime Terminals FZC

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.

In the news
7 Nov 2021

IL&FS looking for higher bid for J&K tunnel project as pact with Cube lapses

IL&FS, which had sold the Chenani-Nashri Tunnel (CNTL) project in J&K to Cube Highways & Infrastructure last December for Rs 3,900 crore, is seeking a new buyer or a revised offer from the Singaporean highways player after the expiry of the sale pact and also an increase in valuation that has jumped to over Rs 5,200 crore now. CNTL is a subsidiary of IL&FS Transportation Networks, which had singed a Rs 3,900-crore share purchase agreement with Cube in August 2020 but regulatory, including NCLT and NHAI, approvals came late, leading to the agreement getting lapsed this August.

In the news
6 Nov 2021

GAIL gets NCLT approval for acquisition of IL&FS's 26% stake in ONGC Tripura Power

The National Company Law Tribunal (NCLT) has approved state-owned gas utility GAIL (India) acquisition of bankrupt Infrastructure Leasing and Financial Services' 26% stake in ONGC Tripura Power Company (OTPC), GAIL said on Friday. OTPC is a special purpose vehicle between Oil and Natural Gas Corporation (ONGC), IL&FS Group and Government of Tripura for setting up of a 726.6 MW combined cycle gas turbine thermal power plant at Palatana, Tripura. ONGC holds a 50% interest in the company in the project that supplies electricity to the northeastern states. The Tripura government holds 0.5% while India Infrastructure Fund II holds the balance 23.5% stake.

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