M&A

M&A

NCLT approves Rs 6,000-Cr sale of Chenani Nashri Tunnelway to Cube Highways

Economic Times  

The National Company Law Tribunal (NCLT) has approved the sale of Chenani Nashri Tunnelway (CNTL), owned by IL&FS Transportation Networks, to Cube Highways and Infrastructure II, clearing the sale of the large asset in IL&FS Group resolution process. Cube Highways will pay INR 6,000 crore for the 100% stake in the project.This deal, the largest under the IL&FS resolution, will address an additional INR 2,500 crore of debt. Recovery for secured lenders may reach 115%.Chenani-Nashri Tunnel in Jammu and Kashmir is the longest highway tunnel in India.