“Debt-laden Infrastructure Leasing and Financial Services (IL&FS) has completed the sale of its 49% stake in a Chinese expressway project, that will help the company address debt worth Rs 2,600 crore.”, reports The Economic Times.

The transaction involved sale of 49% shareholding amounting to INR 1035 crores ($141.6M) held by the Singapore based subsidiary of IL&FS Transportation Networks, ITNL International Pte Ltd. (IIPL) in Chongqing Yuhe Expressway Company Limited (CYEC) to China Merchants & Ping An Fund.

Cyril Amarchand Mangaldas advised IL&FS Financial Services Limited (IFIN) led by their transaction team comprising of partner L Viswanathan, partner Gaurav Gupte and partner Abhijeet Das, with support from principal associate Aditya Sikka, associate Aishwarya Gupta, associate Drishti Das, and associate Misha Patel.

Asian firms Jun He LLP, China and Rajah & Tann, Singapore acted as offshore lawyers to IL&FS.

UBS AG, Hong Kong Branch acted as the international financial advisor to IL&FS in the deal.

2020-12-31

Deal value: INR 1035 crores (approx.)

This deal report is based on a firm's press release and may be only partially complete. Some firms or names of advisers may be therefore be missing.