IL&FS Transportation Networks set to exit China JV
Sanket Dewarkar / 22 Mar 2017
The move to sell the stake is aimed at reducing the consolidated debt which was around Rs 27,643 crore in FY16. The company’s debt-to-equity stood at 4.1x in FY16.
IL&FS Transportation Networks Ltd (IL&FS TN) is on its way to exit its joint venture with China's Chongqing Expressway Group JV (CEG) by selling off its 49 per cent stake.
The sale is estimated to fetch up to $170 million and has attracted Chinese bidders, toll road operators and many construction firms.
IL&FS had held a stake in an expressway project in the south-western Chinese municipality of Chongquing since 2011 from the state-owned Asset Supervision and Administration Commission. The same was bought by the group's publicly-traded arm IL&FS Transportation Networks Ltd.
The move to sell the stake is aimed at reducing the consolidated debt which was around Rs 27,643 crore in FY16. The company’s debt-to-equity stood at 4.1x in FY16.
In today’s trade, the stock of IL&FS Transportation Network Ltd opened at Rs 102.3 and rose 1.7 per cent to close at Rs 105.2. The stock touched the day's high of Rs 105.9 and low of Rs 102.3.
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