Cash-strapped IL&FS Group puts nearly 494 acres of land parcel on block

Topics IL&FS | IL&FS Crisis | IL&FS group

IL&FS Group has put on block nearly 494 acres of land parcels across three states, including Telangana, Andhra Pradesh and Uttar Pradesh, held by its subsidiary Hill County Properties (HCPL).

IL&FS, through its group firms IL&FS Township and Urban Assets and IL&FS Engineering and Construction Company holds a total of 80 per cent equity stake in HCPL.

While IL&FS holds 9 per cent, the other two firms hold 40 per cent and 31 per cent stake, respectively, in HCPL.

The company has appointed Jones Lang LaSalle Property Consultants to assist the potential transaction.

Hill County Properties houses various land parcels and development rights for properties aggregating to 494 acres spread across six sites including three in Hyderabad (437 acres) and one each in Vijayawada, Visakhapatnam, and Meerut.

The company has invited expressions of interest from interested parties for a potential equity stake divestment.

The group’s fund-based outstanding debt was ~94,216 crore as on October 8, 2018.

The Uday Kotak-led board of the IL&FS Group, as part of the resolution process has initiated the sale of several group assets, including education, waste management, technology, real estate, and key international assets. The group has recently got 14 binding financial bids of ~13,000 crore for 10 domestic road assets.

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