IL&FS Group gets approval to sell JSEL and CNTL

The Infrastructure Leasing and Financial Services [IL&FS] Group has received legal approval for the sale of Jorabat Shillong Expressway Limited (JSEL) to Sekura Roads Limited. JSEL is a wholly owned subsidiary of IL&FS Transport Network Limited. Sekura had bid Rs 9.16 billion for a 100 per cent stake in JSEL. On completion, the deal will address over Rs 16 billion of the company’s debt. JSEL is a four-lane highway from Jorabat to Shillong on NH-40, which connects Shillong, Mizoram and Tripura with Guwahati. Besides, the IL&FS Group has also received legal approval to sell Chenani Nashri Tunnelway Limited to Cube Highways for a total consideration of Rs 39 billion. This will help resolve a total debt of Rs 49.1 billion. In March 2020, the committee of creditors had approved the sale of Chenani Nashri Tunnel to the highest bidder, Cube Highways, with a vote of over 90 per cent. Part of the ambitious 286 km four-laning of the Jammu-Srinagar national highway, the 9.2 km Chenani Nashri Tunnel cuts down distance between Jammu and Srinagar by 31 km. The company will now seek approval from the National Company Law Tribunal and NHAI to complete the sale of the projects. The proceeds of the sale will be distributed in accordance with the resolution framework.