IL&FS sells 52.26% stake in Terracis Tech, resolves Rs 1,275 cr loans

With this, the firm exits technology business altogether; deal forms part of overall IL&FS Group resolution estimate of Rs 61,000 cr

Abhijit Lele Mumbai
ilfs, IL&FS

The IL&FS Group has completed the sale of its 52.26 per cent stake in Terracis Technologies Limited (TTL) to Falcon SG Holdings of Philippines.
With this stake sale, IL&FS has resolved approx Rs 1,275 crore of its Group debt and completely exited the technology business. This transaction forms part of the overall IL&FS Group resolution estimate of Rs 61,000 crore.
This is an equity positive transaction wherein the entire debt has been taken over by the new promoter, IL&FS said in a statement. TTL was formerly known as IL&FS Technologies Ltd. Falcon SG is a wholly-owned subsidiary of Falcon Investments Pte Ltd, a part of Gateway Partners and Avenue Capital Group.

Also Read

AI sale: PSUs set for rerating, divestment agenda gets a push, say analysts

Air India returns to Tatas after group puts in winning bid of Rs 18,000 cr

Air India deal: Tatas back in the cockpit after decades of resistance

Tata Sons makes winning bid of Rs 18,000 cr for Air India: Govt

Tata Sons wins bid: Air India may see turnaround as debt eases by 75%

HCL Technologies expands its presence in Sri Lanka, opens new facility

Royal Enfield starts local assembly unit, CKD facility in Thailand

Acer India, Dixon Technologies team up to manufacture laptops

Airtel conducts 5G trial in 700 MHz band in partnership with Nokia

SC to hear Amazon plea against HC direction to CCI on show cause notice

First Published: Nov 25 2021 | 3:45 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on are available only to BS Premium subscribers. Already a BS Premium subscriber?LOGIN NOW

Register to