IL&FS has received a binding offer from a prospective buyer for acquiring its stake in IL&FS Environmental & Infrastructure Services Ltd (IEISL).
The buyer for this transaction will be selected through the Swiss Challenge Method. IEISL is into waste management and has the capacity to handle total waste of 14,500 TPD.
These are ongoing efforts to reduce the Rs 90,0000-crore debt that IL&FS owes. At its recently concluded 32nd AGM, Uday Kotak assured shareholders that around Rs 45,000 crore can be recovered under very complex circumstances.