Cash-strapped IL&FS Group puts nearly 494 acres of land parcel on block

Group has put on block nearly 494 acres of land parcels throughout three states, together with Telangana, Andhra Pradesh and Uttar Pradesh, held by its subsidiary Hill County Properties (HCPL).

IL&FS, by way of its group corporations Township and Urban Assets and Engineering and Construction Company holds a complete of 80 per cent fairness stake in HCPL.

While IL&FS holds 9 per cent, the opposite two corporations maintain 40 per cent and 31 per cent stake, respectively, in HCPL.

The firm has appointed Jones Lang LaSalle Property Consultants to help the potential transaction.

Hill County Properties homes numerous land parcels and growth rights for properties aggregating to 494 acres unfold throughout six websites together with three in Hyderabad (437 acres) and one every in Vijayawada, Visakhapatnam, and Meerut.

The firm has invited expressions of curiosity from events for a possible fairness stake divestment.

The group’s fund-based excellent debt was ~94,216 crore as on October 8, 2018.

The Uday Kotak-led board of the IL&FS Group, as half of the decision course of has initiated the sale of a number of group belongings, together with schooling, waste administration, technology, actual property, and key worldwide belongings. The group has just lately obtained 14 binding monetary bids of ~13,000 crore for 10 home highway belongings.

Source link