IL&FS completes transfer of CNTL to Cube Highways in ₹6,145-crore deal

Lenders are expected to recover between 98% and 124% of their exposure, depending on the seniority of their loans

Debt-ridden IL&FS Transportation Networks Limited (ITNL) on Thursday said that it has completed the transfer of its subsidiary Chenani Nashri Tunnelway Limited (CNTL) to Singapore-based Cube Highways & Infrastructure II Pte, making it one of the largest asset resolutions under the group.

 

Cube will pay a total consideration of about ₹6,145 crore, which includes the settlement of roughly ₹5,454 crore of debt owed to a consortium of public- and private-sector lenders, financial institutions and corporates, the ITNL said. It added that payments to lenders and the completion of the sale will be concluded in the coming days.

 

“CNTL has, therefore, ceased to be a subsidiary of the company effective today. Consequently, the nominee directors of the company on the board of CNTL have resigned effective today, and the nominees of Cube have been appointed as directors on the board of CNTL,” the company said in a BSE filing. 

 

It added that CNTL is amongst the biggest assets under IL&FS road portfolio and the completion of this deal marks an important milestone for IL&FS Group in its resolution efforts.

 

With the deal in place, lenders are expected to recover between 98 per cent and 124 per cent of their exposure, depending on the seniority of their loans, the company said. Key lenders include State Bank of India, Canara Bank, Deutsche Bank, Indian Bank, Jammu & Kashmir Bank, Federal Bank, Indian Overseas Bank, Syndicate Bank and UCO Bank.

 

IL&FS said the deal pushes its total discharged group debt to over ₹48,000 crore, up from more than ₹45,000 crore reported in March 2025.