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IL&FS Resolves Rs 324 Crore Debt by Selling Stake in Warora Chandrapur Highway

The beleaguered Infrastructure Leasing & Financial Services (IL&FS) said it had completed the process of selling its 35 per cent stake in Warora Chandrapur Ballarpur Toll Road Limited (WCBTRL) to majority joint venture partner Vishvaraj Infrastructure Limited (VIL), thereby resolving a debt to the tune of Rs 324 crore from its overall debt of Rs 99,000 crore.

The board of debt-laden IL&FS, until recently, had resolved Rs 52,000 crore worth of the debt of the group. Further, it had maintained its projection of resolving approximately Rs 61,000 crore worth of the indebtedness of the overall group. IL&FS went bust in 2018 with a debt of close to Rs 1 trillion.

With IL&FS selling its stake in the highway project, VIL and Diva Media will now own a 100 per cent stake in WCBTRL. WCBTRL was a company promoted by IL&FS’s subsidiary IL&FS Transportation Networks Limited (ITNL), with a 35 per cent stake and VIL and its associate company Diva Media Private Limited, holding a 65 per cent stake.

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