IL&FS Group said it had completed the sale of its 71.84% stake in IL&FS Prime Terminals FZC (IPTF) to VTTI Terminal I BV (VTTI).
“Sale of IPTF has successfully resolved IL&FS Group debt outstanding to the tune of ₹757.79 crore through this transaction,” IL&FS said.
IL&FS’s stake in Prime Terminals FZC was held through IL&FS Maritime Infrastructure Company Ltd. (IMICL).
VTTI will now own 90% of the terminal, while the rest would remain with the Fujairah Government. The sale has also enabled release of a corporate guarantee of $110 million issued by IMICL.
Key lenders to the company were First Abu Dhabi Bank, National Bank of Fujairah, State Bank of India — that had debt outstanding of more than $80 million — who have been fully repaid, IL&FS said.
Sale of IPTF marks the second major sale of an IL&FS Group company in a foreign location under the new board and this has been completed in accordance with the approved Resolution Framework Report.
In its latest updates, the new board had announced that the Group had resolved more than ₹52,000 crore debt while maintaining its overall debt resolution estimate at ₹61,000 crore.
