Debt-laden IL&FS sells 49% stake in China road asset for Rs 1K crore

Debt-laden Infrastructure Leasing & Financial Services (IL&FS) on Thursday announced completion of a 49 per cent stake sale in its Chinese road asset, Chongqing Yuhe Expressway Co. (CYEC).
 
IL&FS has duly received Rs 1,035 crore (or $141.3 million) in Singapore as part of this stake sale transaction.
 
The stake is sold to China Merchants & PingAn Infrastructure Phase 1 Equity Investment Fund (Tianjin) Co. (PingAn), a fund jointly owned by PingAn Insurance and China Merchants, stated the release from IL&FS Group.
 
The transaction will help the group address Rs 2,600-crore (of its overall debt of close to