IL&FS Gets Creditors’ Approval To Sell Education Business
Infrastructure Leasing & Financial Services Group said it has received approval from creditors for sale of its education business to Career Point Publications Pvt. Ltd.
CPPPL's financial bid was approved by more than 78 percent of IL&FS' creditors, in terms of value, through an e-voting process that concluded on Nov. 5, according to a release. The sale was approved by IL&FS board on Nov. 7.
The outstanding debt of Schoolnet India Ltd. (erstwhile IL&FS Education & Technology Service Ltd.), amounts to Rs 600-650 crore, according to sources.
The transaction marks the latest step towards overall resolution of debt totalling around Rs 94,000 crore.
IL&FS Group holds 73.70 percent stake in Schoolnet India, which in turn holds 80 percent stake in IL&FS Skill Development Corporation and also has two subsidiaries -- IL&FS Cluster Development Initiative and Skill Training Assessment Management Partners.
- ISDC offers job-linked vocational programmes for youth
- ICDI provides advisory and management services to central and state governments, among others, for development of common infrastructure and facilities in industrial clusters
- STAMP provides assessment solutions for students, job seekers and working professionals.