01 Oct 2020 | 6:50 AM

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COMPANYNEWS
IL&FS group cos to sell 494 acres land to pare debt
  IL&FS Transportation Networks Ltd. | 17 Jan 2020 | 10:51 AM
Published on 09-18-2019
Cash-strapped IL&FS along with its two arms has decided to sell a total of 494 acre land parcels in three states in a bid to generate capital and pare debt.


IL&FS IL&FS Township & Urban Assets and IL&FS Engineering and Construction Co currently hold 9 per cent 40 per cent and 31 per cent stakes respectively in Hill County Properties Ltd (HCPL) IL&FS group said in a notice inviting expression of interest.


HCPL houses various land parcels/development rights for properties aggregating to nearly 494 acres spread across six sites in Telangana Andhra Pradesh and Uttar Pradesh.


Of these three sites are in Hyderabad aggregating to 437 acre one site each in Vijayawada and Visakhapatnam of about 44 acre and one site in Meerut of 13 acre.


"In pursuance to the Report on Progress and way forward dated October 30 2018 (report) submitted by IL&FS to Ministry of Corporate Affairs which in turn was filed with National Company Law Tribunal Mumbai (special) bench expressions of interest are being invited from interested parties for a potential equity stake divestment" it said.


IL&FS group has engaged Jones Lang LaSalle Property Consultants (India) to assist in the potential transactions it said.


The last date for responding to the expression of interest is October 16 2019.


The group has an outstanding debt of Rs 94216 crore.