IL&FS completes stake sale in education business, cuts consolidated debt by Rs 650 crore

a large building in the background: Sale of SIL will reduce operating cost for IL&FS Group by nearly 19%.

© Provided by The Financial Express
Sale of SIL will reduce operating cost for IL&FS Group by nearly 19%.

The IL&FS Group on Wednesday completed the sale of a 73.69% stake in its education business, held under Schoolnet India (SIL), to Falafal Technologies (FTPL).

The transaction provides positive equity value to IL&FS and resolves nearly Rs 650 crore of consolidated fund-based and non-fund based financial debt, without any haircut to lenders, the company said.

The sale was completed pursuant to the approval granted by the National Company Law Tribunal’s principal bench through its order dated August 31. FTPL has paid Rs 7.37 crore as equity value for the shares of SIL held by IL&FS and IL&FS Employee Welfare Trust, in addition to taking over SIL’s fund-based and non-fund based financial debt of nearly Rs 650 crore. FTPL has also agreed to a deferred consideration of Rs 6.29 crore payable within

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Assam Govt To Set Up Skill Development University With An Investment Of Rs 900 Crore

The Assam government on Thursday (27 August) decided to set up a Skill Development University at Mangaldoi with an investment of Rs 900 crore, Industry and Commerce Minister Chandra Mohan Patowary said after a cabinet meeting.

Patowary said that the state cabinet at a meeting, chaired by the Chief Minister Sarbananda Sonowal, has approved the Assam Skill Development University Bill which would facilitate the setting up of the university, first of its kind in the northeastern region.

“The Assam Government has tied up with Singapore based ITE Education Service, for setting up of the Skill Development University,” the minister told the media.

Around 100 bigha land (16 hectares) would be allotted at Mangaldoi in northern Assam to set up the varsity. The University Bill is likely to be tabled in the upcoming summer session of the Assam Assembly beginning from August 31.

Patowary said that he has requested Union Minister

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