|
|
|
IL&FS completes stake sale in Prime Terminals FZC, resolves Rs 757 cr debt
|
|
|
|
Top Stories |
|
|
|
|
SME Times News Bureau | 24 Nov, 2021
The IL&FS Group has completed the sale of its 71.84 per cent stake
in IL&FS Prime Terminals FZC (IPTF) to VTTI Terminal IBV (VTT I).
The
sale of the IPTF has successfully resolved IL&FS Group debt
outstanding to the tune of Rs 757.79 crore through this transaction.
The
IL&FS stake in Prime Terminals FZC was held through IL&FS
Maritime Infrastructure Company Ltd (IMICL). VTTI has acquired this
state-of-the art energy storage terminal situated in Fujairah (the UAE)
from IMICL and other shareholders.
VTTI will now own 90 per cent
of the terminal, while the other 10 per cent will remain with the
Fujairah government. This acquisition of the 333,484 cubic metre
terminal will help the company to expand its long-established position
in the Port of Fujairah.
The sale has also enabled release of a corporate guarantee of $110 million issued by IMICL for IPTF.
Key
lenders to the company were First Abu Dhabi Bank, National Bank of
Fujairah, and the State Bank of India - that had debt outstanding of
over $80 million - which has been fully repaid.
Sale of IPTF
marks the second major sale of an IL&FS Group company in a foreign
location under the new board and this has been completed in accordance
with the approved Resolution Framework Report, under the supervision of
Justice (retd) D.K. Jain and with the approval of the NCLT's Mumbai
Bench.
IL&FS has earlier sold its 49 per cent stake in
Chinese Road Project - Chongqing Yuhe Expressway Co Ltd (CYEC) - to
China Merchants and Pingan Infrastructure Phase 1 Equity Investment
Fund, a fund jointly owned by Pingan Insurance and China Merchants - for
Rs 1,035 crore ($ 141 million). Pingan had bid at an aggregate
valuation of $281 million for this asset and agreed to take over Rs
1,600 crore debt in the CYEC.
The new Board, in its latest
updates, had announced that the Group has resolved over Rs 52,000 crore
debt while maintaining its overall debt resolution estimate at Rs 61,000
crore. This transaction forms part of the overall Group resolution
estimate of Rs 61,000 crore.
|
|
|
|
|
|
|
|
|
|
|
|
|
Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
|
|
Daily Poll |
|
|
PM Modi's recent US visit to redefine India-US bilateral relations |
|
|
|
|
|
Commented Stories |
|
|
|
|
|
|
|
|