SME Times is powered by   
Search News
Just in:   • Higher fiscal spending, consumption recovery lift India's Q2FY22 GDP above 8%  • Samsung unveils new auto chips for high-end cars  • Apr-Oct fiscal deficit over 36% of FY22 target  • Delhi HC order costs PSU insurance officials their Director post  • Inflation concerns 
Last updated: 25 Nov, 2021  

Rupee.9.Thmb.jpg IL&FS sells 52.26% stake in Terracis Technologies, resolves Rs 1,275 cr debt

   Top Stories
» Higher fiscal spending, consumption recovery lift India's Q2FY22 GDP above 8%
» Apr-Oct fiscal deficit over 36% of FY22 target
» 21.52 cr loans extended to women under Mudra Yojana
» Skill India launches programme to upskill street food vendors
» No proposal to recognise Bitcoin as currency: FM
SME Times News Bureau | 25 Nov, 2021
The IL&FS Group on Thursday completed the sale of its 52.26 per cent stake in Terracis Technologies Ltd (TTL) to Falcon SG Holdings of the Philippines.

Terracis Technologies was formerly known as IL&FS Technologies Ltd, while Falcon SG is a wholly-owned subsidiary of Falcon Investments Pte, a part of Gateway Partners and Avenue Capital Group.

With this stake sale, the group has resolved around Rs 1,275 crore of its debt and also completely exited the technology business, the company said.

"This is an equity positive transaction wherein the entire debt has been taken over by the new promoter," it said.

"The transaction would release corporate guarantees extended by various IL&FS group entities and will also facilitate the reduction of five entities within the IL&FS group," it added.

These five entities are Terracis Technologies and its four subsidiaries -- Land Registration Systems Incorporation (LARES), IL&FS Technologies Philippines Incorporation (ITPI), LIVIA India Ltd (LIL) and Bhopal e-Governance Ltd (BEGL).

Also, with this transaction, over 200 employees within these five companies would now shift to the new promoter.

"The new board, in its latest updates, had announced that the IL&FS group has resolved over Rs 52,000 crore debt while maintaining its overall group debt resolution estimate at Rs 61,000 crore. This transaction forms part of the overall IL&FS Group resolution estimate of Rs 61,000 crore," the company added.
Print the Page
Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 01 Dec, 2021
  Daily Poll
COVID-19 has directly affected your business
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(1)
» 'Close contact with customers key to good customer services'(1)
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter