IL&FS set to sell Chinese road asset to PingAn Insurance
26 Dec 2020
2 Min Read
Editorial Team
Infrastructure Leasing and Financial Services (IL&FS), under the scanner for a while, is set to sell its Chinese road asset to PingAn Insurance (Group) for nearly Rs 2,074 crore. This sale will help the company resolve its debt worth Rs 2,500 crore.
The company has received approval from the Supreme court鈥檚 Justice D K Jain to sell its assets. It includes its Chinese JV road asset-Chongqing Yuhe Expressway co Ltd (CYEC) to the Chinese company, PingAn. It is among the largest financial services groups in the world.
As of now, IL&FS owns 49% of the asset through ITNL International Pvt Ltd (IIPL), a Singapore subsidiary. Moreover, Chongqing Expressway Group holds the remaining 51%. With a $281 million bid for 100% stake in CYEC, PingAn emerged as the highest bidder. The sale proceeds will be used to pay the senior secured lenders based in IIPL, bond holders and unsecured inter-corporate loans.
Justice DK Jain, appointed by the court to oversee the IL&FS resolution process, approved the sale of Chenani Nashri Tunnelway to Cube Highways addressing Rs 4,910 crore debt and Jorhat Shillong Expressway Ltd to Sekura Roads to address Rs 16 crore debt.
These three road assets will together address Rs 9,000 crore debt. Additionally, IL&FS proposes to address Rs 8,000 crore of debt through InVit. It has already received approval from regulators of the market.
CYEC currently holds and operates a concession for a toll-based expressway of about 58.72 km in China鈥檚 mainland till 2032. It has the right to collect toll from users and the Chinese government for the remainder of the concession term.
The new board at Il&FS will address its overall debt of Rs 50,000 crore by the end of the fiscal year. The company has already addressed Rs 19,000 crore.
Infrastructure Leasing and Financial Services (IL&FS), under the scanner for a while, is set to sell its Chinese road asset to PingAn Insurance (Group) for nearly Rs 2,074 crore. This sale will help the company resolve its debt worth Rs 2,500 crore.The company has received approval from the Supreme court鈥檚 Justice D K Jain to sell its assets. It includes its Chinese JV road asset-Chongqing Yuhe Expressway co Ltd (CYEC) to the Chinese company, PingAn. It is among the largest financial services groups in the world.
As of now, IL&FS owns 49% of the asset through ITNL International Pvt Ltd (IIPL), a Singapore subsidiary. Moreover, Chongqing Expressway Group holds the remaining 51%. With a $281 million bid for 100% stake in CYEC, PingAn emerged as the highest bidder. The sale proceeds will be used to pay the senior secured lenders based in IIPL, bond holders and unsecured inter-corporate loans.
Justice DK Jain, appointed by the court to oversee the IL&FS resolution process, approved the sale of Chenani Nashri Tunnelway to Cube Highways addressing Rs 4,910 crore debt and Jorhat Shillong Expressway Ltd to Sekura Roads to address Rs 16 crore debt.
These three road assets will together address Rs 9,000 crore debt. Additionally, IL&FS proposes to address Rs 8,000 crore of debt through InVit. It has already received approval from regulators of the market.
CYEC currently holds and operates a concession for a toll-based expressway of about 58.72 km in China鈥檚 mainland till 2032. It has the right to collect toll from users and the Chinese government for the remainder of the concession term.
The new board at Il&FS will address its overall debt of Rs 50,000 crore by the end of the fiscal year. The company has already addressed Rs 19,000 crore.
Next Story
Maruti Suzuki, Equitas Bank Tie Up for Car Financing
Maruti Suzuki India Ltd has signed a memorandum of understanding (MoU) with Equitas Small Finance Bank to expand vehicle financing access for its customers across India. The collaboration aims to provide a range of tailored and affordable financing solutions for new cars, used cars, and commercial vehicles.The agreement was formalised with Maruti Suzuki鈥檚 Senior Executive Officer Partho Banerjee and Equitas Bank鈥檚 Head of Retail Assets, Jagadesh J, exchanging documents in the presence of officials from both organisations.In a statement, Maruti Suzuki said the partnership would enhance affo..
Next Story
NAKSHA Phase 2 Training for ULB Officers Begins 16 June
The Department of Land Resources (DoLR), under the Ministry of Rural Development, will commence the second batch of Phase 2 training under the NAKSHA (NAtional geospatial Knowledge-based land Survey of urban HAbitations) programme from 16 June 2025. The training will be conducted at four Centres of Excellence (CoEs) across the country and aims to build capacity for accurate, technology-driven urban land surveys.The programme will be virtually inaugurated by Shri Manoj Joshi, Secretary of DoLR, on 16 June at 10:00 a.m. A total of 128 officers from around 74 Urban Local Bodies (ULBs) have been n..
Next Story
GRAP Stage-I Revoked as Delhi AQI Improves to 140
The Air Quality Index (AQI) in Delhi reached 140 on 15 June 2025, categorised as 'Moderate', according to the Central Pollution Control Board鈥檚 (CPCB) daily bulletin. With steady improvement in air quality and favourable forecasts from IITM and the India Meteorological Department (IMD), the Commission for Air Quality Management (CAQM) has revoked Stage-I of the Graded Response Action Plan (GRAP) across the National Capital Region (NCR) with immediate effect.The decision was made during a review meeting of the CAQM鈥檚 Sub-Committee on GRAP, which assessed overall regional air quality data an..
