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IL&FS sells green business, cuts Rs 1,200 crore debt

MUMBAI: IL&FS has sold group company IL&FS Environmental Infrastructure & Services (IEISL) and its subsidiaries to EverEnviro Resource Management, a subsidiary of the Green Growth Equity Fund (GGEF) managed by EverSource Capital. IL&FS held 97.5% of equity shares of IEISL.
The balance 2.5% was held by IL&FS Employee Welfare Trust. The entire shareholding in IEISL, held by IL&FS Group, has been transferred to EverEnviro. This sale will reduce the overall IL&FS debt by Rs 1,200 crore, which is the combined debt of entities under IL&FS’ environment businesses.
Around 4,000 employees, including consultants, have been transferred along with the businesses, which will result in annual savings of around Rs 50 crore to the IL&FS Group.
IEISL subsidiaries — Dakshin Dilli Swachh Initiative (DDSIL), Swayam Swachatta Initiative (SSIL), RDF Power Projects (RDF), East Delhi Waste Processing Company (EDWPCL) and Kanak Resources Management (KRML) — form part of this transaction and have also been transferred to EverEnviro.
EverSource Capital manages GGEF, established with anchor investment from India’s National Investment and Infrastructure Fund (NIIF) and the department for international development (DFID), government of UK.

Source indiatimes

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