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IL&FS sells two energy arms for Rs 77.5 crore, proceeds will be used to pare debt 

July 28, 2022 / 12:42 PM IST
Representative Image (Reuters)

Representative Image (Reuters)

The Infrastructure Leasing & Financial Services Ltd (IL&FS) group has completed the sale of its stake in two energy assets—Urjankur Shree Tatyasaheb Kore Warana Power Company Limited (Urjankur Warana) and IL&FS Energy Development Company Limited (IEDCL)—for a total of Rs 77.5 crore, it said in a statement on Thursday, July 28.

“Proceeds from both these sale transactions would be used by the new IL&FS board towards reducing overall debt as per the resolution framework approved by NCLAT (National Company Law Appellate Tribunal),” the company said in the statement.

IL&FS completed the sale of its 33.33 percent stake in Urjankur Warana to Shree Tatyasaheb Kore Warana Sahakari Sakhar Karkhana Ltd (HSF – Host Sugar Factory). Urjankur Warana is a special purpose vehicle (SPV) jointly promoted by IEDCL, which holds a 33.33 percent stake, and Urjankur Nidhi  Fund, which holds the balance 66.67 percent.

IEDCL also owns 27.75 percent of Urjankur Nidhi Trust along with Maharashtra Energy Development Agency that holds 50 percent, with Shree Datta Shetkari Sakhar Karkhana Ltd holding the remaining 22.25 per cent stake in the trust.