Debt-laden IL&FS on June 4 said it has completed the sale of its 50 percent stake in Gujarat International Finance Tec-City (GIFT City) to the Gujarat government for Rs 32.71 crore. The stake sale will help the group pare its debt by Rs 1,230 crore. The group’s current outstanding debt is around Rs 94,000 crore.
IL&FS sells 50% stake in GIFT City to Gujarat government for Rs 33 crore
Date posted: Friday 3 July 2020