IL&FS arm, ITNL International to sell 49% stake in its China road JV

ITNL International, a subsidiary of the bankrupt infra lender Infrastructure Leasing & Financial Services (IL&FS) is looking to sell its 49 percent stake in Chongqing Yuhe Expressway Company in China, the company said Friday.

The Singapore-based ITNL International is a wholly- owned subsidiary of IL&FS Transportation Networks.

The balance 51 percent is owned by local partner Chongqing Expressway Group, one of the largest state-owned enterprises in China's Chongqing with USD25 billion in assets.

Chongqing Yuhe Expressway holds a concession for a tolled expressway of around 58.72 km in mainland China, over which it has the right to collect toll.

Around 13.25 years of the