IL&FS gets nod for sale of road asset 'JSEL'
New Delhi : The IL&FS Group has received the approval of Justice D K Jain for the sale of the road asset 'Jorabat Shillong Expressway Ltd' (JSEL) to Sekura Road Ltd.
Sekura has put in a bid worth Rs 916 crore for the entire 100 per cent stake in JSEL, a company statement said. The transaction would address debt off over Rs 1,600 crore of IL&FS. JSEL is a wholly owned subsidiary of IL&FS Transportation Networks Limited (ITNL), which along its nominees holds 100 per cent equity of JSEL and it has been classified as an amber company.
The company will now seek approvals from the National Company Law Tribunal and National Highways Authority of India (NHAI) to complete the transaction.
The proceeds of the sale will be distributed in accordance with the resolution framework approved by the NCLT. The sale of road assets is part of the IL&FS board's strategy to resolve it's over Rs 99,000 crore debts. (IANS)