M&A

M&A

IL&FS transfers shares of arm CNTL to Cube Highways for Rs.6.145-Cr

Business Standard  

Debt-ridden IL&FS Transportation Networks Ltd (ITNL) has completed the transfer of its subsidiary Chenani Nashri Tunnelway Ltd (CNTL) to Singapore-based Cube Highways & Infrastructure II Pte.Cube will pay INR 6,145 crore, which includes the settlement of roughly INR 5,454 crore of debt owed to a consortium of public- and private-sector lenders, financial institutions and corporates. CNTL has ceased to be a subsidiary of IL&FS.With the deal in place, lenders are expected to recover between 98% and 124% of their exposure. Key lenders to CNTL include State Bank of India, Canara Bank, Deutsche Bank, Indian Bank, Jammu & Kashmir Bank, Federal Bank, Indian Overseas Bank, Syndicate Bank and UCO Bank.The deal pushes the total discharged group debt of IL&FS to over INR 48,000 crore, up from more than INR 45,000 crore reported in March 2025.Dr. Shyama Prasad Mookerjee Road Tunnel (Chenani-Nashri Tunnel) is India’s longest operational road tunnel, providing an all-weather connectivity link between Jammu and Srinagar, reducing travel time by over two hours. The project is a 262-lane-km, two-lane tunnel with a parallel escape tunnel from Chenani to Nashri section of NH-1A in Jammu & Kashmir.