IL&FS Group mentioned it had obtained Justice (retd.) D.Ok. Jain’s approval on the market of Chenani Nashri Tunnelway Ltd. (CNTL) to Cube Highways and Infrastructure Pte Ltd. (CUBE).
ITNL (an IL&FS firm) collectively together with its nominees, holds 100% fairness of CNTL. IL&FS had invited EoIs on the market of its street property in December 2018 and had obtained over two dozen EoIs from numerous corporations for these property. CUBE had bid roughly ₹3,900 crore for the complete 100% stake in CNTL.
The firm mentioned it will now search approval from NCLT and NHAI to full the sale transaction. On completion, this sale would assist tackle ₹4,910 crore of IL&FS debt.