IL&FS Transportation sells its stake in JSEL to Sekura Roads for Rs.1,343-Cr

Economic Times  

IL&FS Transportation Networks Ltd (ITNL) has sold the entire equity stake it held in Jorabat Shillong Expressway Ltd (JSEL) to Sekura Roads for INR 1,343 crore in a slump sale. JSEL was a wholly-owned subsidiary of ITNL. All the liabilities of JSEL have been adjusted against the enterprise value of INR 1,343 crore. The sale will address a debt of INR 1,621 crore. The creditors will receive INR 1,343 crore, 82% of their total exposure. JSEL was promoted by ITNL and Ramky Infrastructure Ltd as a Joint Venture Company to undertake the design, engineering, finance, procurement, construction, operation and maintenance of four-laning of Jorabat Shillong (Barapani) section of NH-40. It connects Shillong, Mizoram and Tripura with Guwahati. In FY 2017-18, its total revenue was INR 380.03 crore. Sekura Roads is a highways platform for a fund managed by Edelweiss Alternative Asset Advisors.

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