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IL&FS sells environment arm to EverEnviro Resource Management

Wednesday, 07 Apr 2021
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IL&FS has sold its stake in the environment business held by IL&FS Environmental Infrastructure & Services (IEISL) and its subsidiaries to EverEnviro Resource Management (EverEnviro), the fully-owned arm of the Green Growth Equity Fund (GGEF).

IL&FS, as the promoter shareholder of IEISL, held 97.54 percent of equity shares of IEISL. The balance 2.46 percent was held by the IL&FS Employee Welfare Trust. The entire shareholding in IEISL, held by IL&FS group, has been transferred to EverEnviro.

The sale will reduce IL&FS overall debt by Rs 1,200 crore which is the combined debt of entities under IL&FS’ environment businesses.

In addition, around 4,000 employees, including consultants, have been transferred along with the businesses, thus effectively resulting in annual savings of around Rs 50 crore to the IL&FS Group.

IEISL subsidiaries -- Dakshin Dilli Swachh Initiative (DDSIL), Swayam Swachatta Initiative (SSIL), RDF Power Projects (RDF), East Delhi Waste Processing Company (EDWPCL) and Kanak Resources Management (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 into integrated waste management present across various segments including construction and demolition, collection and transportation and waste-to-energy. It currently manages over 8,400 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 tonne of solid waste.

The sale of environment business forms part of the new board’s strategy to resolve overall IL&FS Group debt as per the resolution plan approved by NCLAT.
 
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