Debt-strapped Infrastructure Leasing & Financial Service Limited and its subsidiaries including IL&FS Engineering and Construction Company Limited have invited expressions of interest for sale of Hill County Properties Limited.

IL&FS, IL&FS Townships and Urban Assets Limited and IL&FS Engineering and Construction Company Limited currently hold 9 per cent, 40 per cent and 31 per cent, respectively, totalling to 80 per cent stake in Hill County Properties Limited.

HCPL holds various parcels of lands and development rights for properties aggregating to about 494 acres spread across six sites. Three of the six sites are located in Hyderabad, Telangana, aggregating to 437 acres; one site each in Vijayawada and Visakhapatnam in Andhra Pradesh aggregating to 44 acres, and one site in Meerut (Uttar Pradesh) of 13 acres.

IL&FS has enlisted the services of consultancy firm Jones Lang LaSalle Property Consultants to assist in the potential transaction.

The expressions of interest are aimed at selling stake and raising money to help pare the debt the company owes to various lenders.

The EoI is being invited in pursuance of the Report on Progress and Way Forward dated October 30, 2018. The report was submitted by IL&FS to the Union Ministry of Corporate Affairs. This was in turn filed with the National Company Law Tribunal, Mumbai. The EoIs are invited from interested parties for potential equity stake divestment.

However, the EoI states that the consummation of any transaction is pursuant to the process initiated and will be subject to approvals and that of the IL&FS Board and mandatory clearances or approvals.

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