New Delhi, Dec 1 (SocialNews.XYZ) The IL&FS Group has received the approval of Justice D.K. Jain for the sale of the road asset 'Jorabat Shillong Expressway Ltd' (JSEL) to Sekura Road Ltd.
Sekura has put in a bid worth Rs 916 crore for the entire 100 per cent stake in JSEL, a company statement said. The transaction would address debt off over Rs 1,600 crore of IL&FS.
JSEL is a wholly owned subsidiary of IL&FS Transportation Networks Limited (ITNL), which along its nominees holds 100 per cent equity of JSEL and it has been classified as an amber company.
The company will now seek approvals from the National Company Law Tribunal and National Highways Authority of India (NHAI) to complete the transaction.
The proceeds of the sale will be distributed in accordance with the resolution framework approved by the NCLT.
The sale of road assets is part of the IL&FS board's strategy to resolve its over Rs 99,000 crore debt.
Source: IANS
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz
This website uses cookies.
