India: Debt-ridden IL&FS sells environment business to EverSource
April 8, 2021
Beleagured infrastructure company IL&FS has sold its stake in environment business to EverEnviro Resource Management, a wholly owned subsidiary of Green Growth Equity Fund (GGEF), managed by EverSource Capital.
“The sale will reduce IL&FS overall debt by ₹1,200 crore which is the combined debt of entities under IL&FS’ environment businesses,” the company said in a statement today.
In addition, around 4,000 employees including consultants have been transferred along with the businesses, thus effectively resulting in annual savings of around ₹50 crore to the IL&FS Group.
IEISL subsidiaries — Dakshin Dilli Swachh Initiative Ltd (DDSIL), Swayam Swachatta Initiative Ltd (SSIL), RDF Power Projects (RDF), East Delhi Waste Processing Company Ltd (EDWPCL) and Kanak Resources Management Ltd (KRML) — form part of this transaction and have also been transferred to EverEnviro.
EverSource Capital manages GGEF, established with anchor investment from India’s National Investment and Infrastructure Fund (NIIF) and the Department for International Development (DFID), Government of UK.
IEISL is one of India’s leading integrated waste management companies present across various segments including inter alia construction and demolition, collection and transportation and waste to energy. It currently manages over 8,400 tonnes per day (TPD) waste.
Its assets include an integrated waste to energy plant located at Ghazipur in Delhi which has generated over 141 million units of green electricity by processing over 1.38 million tonnes of solid waste.
This article was first published on livemint.com.
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