IL&FS sells environment arm to Eversource; pares total debt by Rs 1,200 cr

Transfers 4,000 employees, including consultants, to new promoter; saves Rs 50 cr a year in the process

IL&FS has sold its stake in the environment business held by IL&FS Environmental Infrastructure & Services Limited (IEISL) and its subsidiaries to EverEnviro Resource Management Private Limited (EverEnviro), the fully-owned arm of the Green Growth Equity Fund (GGEF), India’s leading climate fund, managed by EverSource Capital.  

IL&FS, as the promoter shareholder of IEISL, held 97.54 per cent of equity shares of IEISL. The balance 2.46 per cent was held by IL&FS Employee Welfare Trust. The entire shareholding in IEISL, held by IL&FS group, has been transferred to EverEnviro.

The sale will reduce IL&FS overall debt by Rs 1,200 crore -