IL&FS set to sell Chinese road asset to PingAn Insurance

26 Dec 2020 Editorial Team

Infrastructure Leasing and Financial Services (IL&FS), under the scanner for a while, is set to sell its Chinese road asset to PingAn Insurance (Group) for nearly Rs 2,074 crore. This sale will help the company resolve its debt worth Rs 2,500 crore.

The company has received approval from the Supreme court’s Justice D K Jain to sell its assets. It includes its Chinese JV road asset-Chongqing Yuhe Expressway co Ltd (CYEC) to the Chinese company, PingAn. It is among the largest financial services groups in the world.

As of now, IL&FS owns 49% of the asset through ITNL International Pvt Ltd (IIPL), a Singapore subsidiary. Moreover, Chongqing Expressway Group holds the remaining 51%. With a $281 million bid for 100% stake in CYEC, PingAn emerged as the highest bidder. The sale proceeds will be used to pay the senior secured lenders based in IIPL, bond holders and unsecured inter-corporate loans.

Justice DK Jain, appointed by the court to oversee the IL&FS resolution process, approved the sale of Chenani Nashri Tunnelway to Cube Highways addressing Rs 4,910 crore debt and Jorhat Shillong Expressway Ltd to Sekura Roads to address Rs 16 crore debt.

These three road assets will together address Rs 9,000 crore debt. Additionally, IL&FS proposes to address Rs 8,000 crore of debt through InVit. It has already received approval from regulators of the market.

CYEC currently holds and operates a concession for a toll-based expressway of about 58.72 km in China’s mainland till 2032. It has the right to collect toll from users and the Chinese government for the remainder of the concession term.

The new board at Il&FS will address its overall debt of Rs 50,000 crore by the end of the fiscal year. The company has already addressed Rs 19,000 crore.

Infrastructure Urban

30 May 2026

Panasonic Showcases Connected Display Solutions

Panasonic Life Solutions India showcased its integrated display, projection, broadcast and communication technologies at Panasonic Tech Summit 2026 in New Delhi. Hosted through its System Solutions Division, the two-day event highlighted connected technology solutions for education, healthcare, retail, transportation, corporate offices and entertainment.The summit, themed ‘Turning Technology into Value’, featured experience-led zones covering QSR, retail, transit, corporate offices, healthcare, education, security, projection, home theatre and professional displays. Panasonic also introduc..

Kapsch to Deliver India’s First C-ITS Project

"Kapsch TrafficCom will deliver India’s first Cooperative Intelligent Transport Systems project on a key expressway near New Delhi. The project will be implemented with Superwave Communication And Infrasolution Limited to demonstrate how connected mobility can improve road safety and traffic efficiency.The pilot will use real-time connectivity and AI-enabled situational awareness to support road users, especially in high-risk areas such as temporary work zones. Drivers will receive alerts on roadworks, maintenance vehicles, hazardous locations, traffic queues and temporary virtual signage di..

Eurobond Net Profit Rises 44 Per Cent

Euro Panel Products, the parent company of Eurobond, reported a 44.13 per cent year-on-year rise in net profit for FY25–26. The company’s revenue from operations grew 18.91 per cent to Rs 503.20 crore, compared to Rs 423.18 crore in the previous financial year.The company’s full-year EBITDA stood at Rs 56.67 crore, marking a 31.82 per cent increase. Profit after tax rose to Rs 26.56 crore, while net worth increased 20.15 per cent to Rs 160.07 crore. Earnings per share for the year stood at Rs 10.84.Divyam Rajesh Shah, Whole Time Director and CFO, Euro Panel Products, said the company’s..