Infrastructure Leasing & Financial Services (IL&FS) has got approval to sell its majority holding in Schoolnet India Ltd (formerly known as IL&FS Education & Technology Service Ltd) to Career Point Publications Pvt. Ltd. (CPPPL).
The Mumbai-based infrastructure financier said in a statement that 78% of its creditors (by value) approved CPPPL’s bid through an e-voting process that was concluded on November 5.
The sale transaction process was conducted under the guidelines of the Resolution Framework for the IL&FS Group submitted to the National Company Law Appellate Tribunal (NCLAT).
IL&FS holds 73.70% stake in Schoolnet India. The latter has 80% stake in IL&FS Skill Development Corporation (ISDC) and also has two subsidiaries – IL&FS Cluster Development Initiative Ltd (ICDI) and Skill Training Assessment Management Partners Ltd (STAMP), the statement said.
The transaction is subject to the approval of the National Company Law Tribunal, Mumbai.
Schoolnet provides education technology services to school students through proprietary digital content, devices, platforms, and solutions. ISDC, meanwhile, offers job-linked vocational programmes to youth.
ICDI provides advisory and management services to central and state governments and industries for the development of common infrastructure facilities in Brownfield and Greenfield industrial clusters. STAMP provides assessment solutions on a life-cycle approach.
The development comes after VCCircle earlier this week reported that IL&FS received one offer and had invited more bids for its stake in a back-office services unit. This adds to the sale of its renewable energy assets to Japan’s Orix and efforts to divest 10 road assets.
IL&FS has been struggling since last year after it defaulted on its debt. The defaults prompted the government to replace its entire board. IL&FS is now selling its assets to pay off its debt. IL&FS and its units owed Rs 99,354 crore at the end of September 2018.
