IL&FS puts 494 acre land parcels on block

Mumbai: Debt-ridden 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 nine 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 and 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 Rs 94,216 crore as of October 8, 2018.

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Free Press Journal