. Transfer of staff to save 50 crores. One year
The debt-ridden IL&FS said it has sold its entire stake in IL&FS Environmental Infrastructure and Services Limited (IEISL) and is a subsidiary of EverEnervo Resource Management Private Limited. Ltd., reducing the total debt to ₹ 1,200 crore.
The IL&FS group said in a statement, “The sale will reduce IL & FS’s total debt by Rs 1,200 crore, which is the combined debt of the entities under IL&FS’s environmental businesses.” ”
In addition, around 4,000 employees, including consultants, have been relocated with the businesses, thus effectively saving the IL&FS Group an annual savings of about ₹ 50 crore.
The promoter shareholders of ILISL are IL&FS, IEISL and IL&FS Employee Welfare Trust holding 97.54% of the balance.
IEISL is a leading integrated waste management firm.
The sale is part of the new board’s strategy to resolve overall IL&FS group debt as per the resolution plan approved by NCLAT.
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