M&A

M&A

IL&FS completes stake sale in Prime Terminals FZC to VTTI

PTI  

IL&FS has completed the sale of its 71.84% stake in IL&FS Prime Terminals FZC to VTTI Terminal I BV. The sale has enabled the release of a corporate guarantee of USD 110 million issued by IMICL for IPTF. IL&FS' stake in IL&FS Prime Terminals FZC (IPTF), an energy storage terminal situated in the UAE's Fujairah, was held through IL&FS Maritime Infrastructure Company (IMICL). VTTI has acquired the stake from IMICL and other shareholders. VTTI will now own 90% of the terminal, while the other 10% will remain with the Fujairah government. The transaction has resolved the IL&FS group's outstanding debt to the tune of INR 757.79 crore.