IL&FS obtains NCLT clearance to sell its headquarters to Brookfield

30 Sep 2022 CW Team

The sale of the 10-storey historic IL&FS headquarters in Mumbai's business area Bandra-Kurla Complex (BKC) to the world's largest alternative investment firm Brookfield Asset Management has been approved by the National Company Law Tribunal (NCLT).

Chronos Properties, an entity of Brookfield, won the bid to purchase the prestigious property for more than 1,080 crore. 10% of the entire value has already been paid to IL&FS, and the transaction is anticipated to be completed in FY23.

Resolutions submitted with the NCLT by the government-appointed board include the agreement. Before his term as chairman of the board ended on April.

The IL&FS board has lately undergone certain modifications thanks to the Ministry of Corporate Affairs (MCA). CS Rajan, who was CMD, has been reclassified as the non-executive chairman, and Nand Kishore, who is currently the Executive Director, has been promoted to Managing Director. Till March 2023, these adjustments will be in effect.

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