IL&FS resolves Rs 757cr debt, exits terminal

Mumbai: IL&FS has said that it has completed the sale of its 71.8% stake in IL&FS

Prime Terminals

(IPTF) to

VTTI

Terminal I BV (VTTI). The sale of IPTF has resulted in resolution of Rs 757 crore of group debt and will reduce non-performing assets for lenders.

The IL&FS stake in Prime Terminals was held through IL&FS Maritime Infrastructure (IMICL). VTTI has acquired the state-of-the art energy storage terminal situated in

Fujairah

,

UAE

from

IMICL

and other shareholders. VTTI specialises in energy storage operations and has set up greenfield terminals as well as acquired and upgraded facilities across the world.

VTTI will now own 90% of the terminal, while the other 10% will remain with the Fujairah government. This acquisition of the 333,484 cubic mtr terminal will help the firm expand its position in Fujairah.

Earlier this month, IL&FS said that it has addressed Rs 52,200 crore of the group’s outstanding debt of Rs 99,000 crore and would achieve an aggregate resolution of Rs 61,000 crore. The sale has also enabled release of a corporate guarantee of $110 million issued by IMICL for IPTF.

Key lenders to the company were First Abu Dhabi Bank, National Bank of Fujairah, and State Bank of India that had debt outstanding of over $80 million, which has been fully repaid.


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