Transfer of staff to save ₹50 cr. a year
Debt-laden IL&FS said it has sold its entire stake in IL&FS Environmental Infrastructure & Services Ltd. (IEISL) and its subsidiaries to EverEnviro Resource Management Pvt. Ltd., reducing the overall debt by ₹1,200 crore.
“This sale will reduce IL&FS’ overall debt by ₹1,200 crore, which is the combined debt of entities under IL&FS’ environment businesses,” IL&FS Group said in a statement.
“In addition, around 4,000 employees, including consultants, have been transferred along with the businesses, thus effectively resulting in an annual savings of about ₹50 crore to the IL&FS Group,” it added.
IL&FS, the promoter shareholder of IEISL, held 97.54% of the equity of IEISL and IL&FS Employee Welfare Trust, the balance.
IEISL is a leading integrated waste management firm.
The sale forms a part of the new board’s strategy to resolve overall IL&FS Group debt as per the resolution plan approved by NCLAT.