IL&FS sells 49% stake in Chinese road asset

05 Apr 2021 CW Team

Debt-ridden Infrastructure Leasing and Financial Services (IL&FS) has completed the sale of 49% stake in its Chinese road asset, the Chongqing Yuhe Expressway Co Ltd (CYEC).

IL&FS sold the stake to China Merchants and PingAn Infrastructure phase 1 Equity Investment Fund (Tianjin) Co Ltd (PingAn), a fund jointly owned by China Merchants and PingAn Insurance, a release from IL&FS Group said.

The buyers have paid Rs 1,035 crore for the shares and have also assumed the debt worth Rs 1,600 crore that is related to this project. This will allow IL&FS to address dues amounting to Rs 2,600 crore that the company stares at currently.

The company told the media that it has received Rs 1,035 crore in Singapore as part of this stake sale transaction. The consideration amount will be used to pay around Rs 642 crore of Bank of Baroda loans and the balance to meet IIPL liabilities, including bondholders under ITNL Offshore PTE Ltd (IOPL), said IL&FS.

IL&FS held a 49% stake in the concerned expressway through its Singapore based subsidiary ITNL International Pte Ltd (UPL), according to media reports.

Earlier, retired Supreme Court justice DK Jain was tasked to supervise the resolution process of IL&FS. He approved the sale of assets back in December 2020, which enabled IL&FS to expedite its plan of generating revenues to pay its debt by selling off various projects.

Image Source

Also read: IL&FS set to sell Chinese road asset to PingAn Insurance

Infrastructure Transport

04 Nov 2025

Madhya Pradesh Launches PM Shri Tourism Helicopter Service

Madhya Pradesh has achieved a national first by launching the PM Shri Tourism Helicopter Service, establishing India’s first intra-state air connectivity. Chief Minister Dr Mohan Yadav inaugurated the service at Raja Bhoj International Airport, Bhopal, marking a significant step towards transforming the state’s tourism infrastructure. Following the launch, four helicopters departed for Ujjain, symbolising the start of regional air tourism. The initiative, led by the Madhya Pradesh Tourism Board, will operate under a Public-Private Partnership (PPP) model, connecting the state’s key reli..

Garuda Aerospace CEO Honoured by Tamil Nadu Governor

Chennai, 3 November 2025: Agnishwar Jayaprakash, Founder and Chief Executive Officer of Garuda Aerospace, was felicitated by Tamil Nadu Governor Thiru R.N. Ravi for his exceptional contribution to India’s drone technology ecosystem. The recognition was presented during the Foundation Day celebrations of several States and Union Territories at Bharathiar Mandapam, Raj Bhavan, in Chennai. The honour acknowledges Jayaprakash’s leadership in strengthening the country’s unmanned aerial vehicle (UAV) capabilities and his efforts in harnessing technology for social good. He was also recognised..

Hindustan Zinc’s EcoZen Delivers 75 per cent Lower Carbon Emissions

Udaipur, 3 November 2025: Hindustan Zinc, the world’s largest integrated zinc producer and among the top five global silver producers, has reinforced its sustainability leadership with EcoZen, Asia’s first low-carbon zinc brand. The innovation achieves over 75 per cent lower carbon intensity than conventional zinc, setting new standards in green manufacturing and industrial decarbonisation. Produced using renewable energy and certified under REACH standards, EcoZen helps avoid an estimated 400 kg of carbon emissions for every tonne of steel galvanised. It supports India’s Viksit Bharat ..