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.

Also read:
Housing project under PMAY to launch in Vadodara after five years
Hiranandani in Thane rents 18 floors office space to IDFC First Bank

Real Estate

04 Aug 2026

LML Realty Launches Cinema Campaign on Industrial Vision

LML Realty has launched a cinema advertising campaign in partnership with PVR INOX across 81 screens in Gurugram and Faridabad, showcasing the brand’s transformation from a mobility icon to an industrial infrastructure developer.The campaign features a cinematic brand film tracing LML’s journey since 1972, beginning with its iconic scooters and highlighting its evolution into creating infrastructure solutions that support India’s manufacturing growth.The film focuses on LML Industrial Park at Jhirka Valley, the company’s flagship industrial development approved under the Haryana Govern..

IIM Ahmedabad Publishes Case Study on HoABL’s Business Model

The Indian Institute of Management Ahmedabad (IIMA) has published a case study on The House of Abhinandan Lodha (HoABL), examining the company’s digital-first consumer journey and business model that created India’s branded land category.Titled “HoABL: Ready for Scaling Up”, the case study has been published by the IIMA Case Centre and co-authored by Sourav Borah, Associate Professor of Marketing at IIMA, and Dr Aparna Kansal of IMT Ghaziabad. IIMA case studies are used across management and executive education programmes to help students and business leaders analyse strategic decision..

Advait Energy and MEIL Partner for Energy Transition Projects

Advait Energy Transitions Limited (AETL) and Manipal Energy Infratech Limited (MEIL), a company of The Manipal Group, have entered into a strategic Memorandum of Understanding (MoU) to collaborate on power and energy transition opportunities across India and international markets.The partnership aims to combine AETL’s expertise in innovative energy technologies and manufacturing with MEIL’s EPC execution capabilities and project management experience. The collaboration will focus on opportunities across Power Transmission & Distribution, Renewable Energy, Battery Energy Storage Systems..