In a significant move, IL&FS Transportation Networks has announced the sale of its entire equity stake in Jorabat Shillong Expressway Ltd (JSEL) to Sekura Roads for a consideration of Rs 1,343 crore. JSEL was a wholly-owned subsidiary of IL&FS Transportation Networks.
This divestment marks a strategic decision by IL&FS Transportation Networks to streamline its operations and focus on its core competencies. The company has successfully transferred all liabilities associated with JSEL to the buyer, Sekura Roads.
During the financial year 2017-18, Jorabat Shillong Expressway Limited contributed Rs 380.03 crore (including other income) to the consolidated revenue of Rs 9,778.92 crore generated by IL&FS Transportation Networks. This represents a significant 3.89% share of the company's overall revenue.
It is important to note that the sale of the entire equity stake in JSEL does not constitute a slump sale. Jorabat Shillong Expressway will continue to operate a four-lane highway connecting Jorabat to Shillong on NH-40, facilitating seamless transportation between Shillong, Mizoram, Tripura, and Guwahati.
