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 Urban

16 Jan 2026

Rosatom Delivers Nuclear Fuel for Kudankulam Unit 3

Rosatom has recently supplied nuclear fuel for the initial loading of the VVER-1000 reactor core at Unit 3 of the Kudankulam Nuclear Power Plant, marking a key milestone in the second stage of the Russian-designed nuclear power project in southern India.The fuel was supplied by Rosatom’s Nuclear Fuel Division, managed by TVEL, and manufactured at the Novosibirsk Chemical Concentrates Plant. The delivery includes the initial reactor load along with reserve fuel assemblies and is part of a long-term contract covering the entire operational life of Units 3 and 4.Building on operational experien..

CBL International Enables First LNG Bunkering at Xiaomo Port

CBL International recently completed the first-ever LNG bunkering operation at Xiaomo Port, supplying liquefied natural gas to vessels operated by BYD in support of its maritime decarbonisation strategy. The operation was facilitated through a physical supplier in collaboration with China National Offshore Oil Corporation (CNOOC), which supported the port’s inaugural LNG bunkering activity. The milestone represents a strategic expansion of CBL International's sustainable fuel offerings beyond biofuels, while also diversifying revenue streams. As global shipping intensifies efforts to cut em..

Aimtron, Aurassure Partner for IoT Weather Systems

Aimtron Electronics has recently entered into an OEM manufacturing engagement with Aurassure to produce new-age, IoT-enabled weather and environmental monitoring systems in India. The collaboration supports the growing demand for real-time environmental intelligence across urban, industrial and infrastructure applications. The engagement comes as global focus on climate-risk management and data-driven planning accelerates. The global weather monitoring systems market, valued at around USD 2.1 billion in 2024, is projected to reach nearly USD 4.8 billion by 2034, driven by the rapid adoption o..