Private Equity Fund Investments
IL&FS sells 52% stake in Terracis Tech to Falcon SG Holdings; resolves debt of Rs.1,275-Cr
he IL&FS Group has completed the sale of its 52.26% stake in Gurugram-based Terracis Technologies Ltd (formerly IL&FS Technologies Ltd) to Falcon SG Holdings, (Philippines) Inc. With this stake sale, IL&FS has resolved INR 1,275 crore of its group debt and completely exited the technology business. Falcon SG is a wholly owned subsidiary of Falcon Investments Pte Ltd, part of Gateway Partners and Avenue Capital Group. Post-deal, Falcon SG Holdings has taken over the entire debt as well as 200 employees. Apart from some foreign banks and institutions, State Bank of India, Axis Bank and Indian Bank were the key lenders to the company.
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