IL&FS group cos to sell 494 acres land to pare debt

Cash-strapped IL&FS along with its two arms has decided to sell a total of 494 acre land parcels in three states in a bid to generate capital and pare debt.

IL&FS, IL&FS Township & Urban Assets and IL&FS Engineering and Construction Co currently hold 9 per cent, 40 per cent and 31 per cent stakes, respectively in Hill County Properties Ltd (HCPL), IL&FS group said in a notice inviting expression of interest.

HCPL houses various land parcels/development rights for properties aggregating to nearly 494 acres spread across six sites in Telangana, Andhra Pradesh and Uttar Pradesh.

Of these, three sites are in Hyderabad aggregating to 437 acre, one site each in Vijayawada and Visakhapatnam of about 44 acre and one site in Meerut of 13 acre.

"In pursuance to the Report on Progress and way forward dated October 30, 2018 (report) submitted by IL&FS to Ministry of Corporate Affairs, which, in turn, was filed with National Company Law Tribunal Mumbai (special) bench, expressions of interest are being invited from interested parties for a potential equity stake divestment," it said.

IL&FS group has engaged Jones Lang LaSalle Property Consultants (India) to assist in the potential transactions, it said.

The last date for responding to the expression of interest is October 16, 2019.

The group has an outstanding debt of Rs 94,216 crore.