IL&FS sells 2 firms in energy business for Rs 77.5 cr to reduce debt

IEDCL sold 27.75 per cent of its stake in Urjankur Nidhi Trust, where Maharashtra Energy Development Agency has a 50 per cent stake and Shree Datta Shetkari Sakhar Karkhana Ltd holds 22.25 per cent.

IL&FS, the beleaguered infrastructure financing and construction company, has sold two power businesses for Rs 77.5 crore, it said in a statement on Thursday.

Infrastructure Leasing & Financial Service will use money from the sale of Urjankur Warana Power and IL&FS Energy Development Company (IEDCL) to reduce debt as per a resolution framework approved by the National Company Appellate Law Tribunal (NCLAT).

IL&FS, which was taken over by the government in October 2018, has addressed debt to the tune of Rs 55,000 crore as of March, 2022. That amount comprises Rs 21,000 crore from monetisation of assets, Rs 20,000