MUMBAI: IL&FS Group announced on Thursday that it has completed the sale of its 52.26% interest in Terracis Technologies Ltd (TTL) to Falcon SG Holdings, (Philippines) Inc.

According to a company announcement, IL&FS has thus paid off around ₹ 1,275 billion of its corporate debt and withdrew from the technology business. This is a stock positive transaction with all of the blame being taken on by the new promoter, he added.

In addition to a few overseas banks and institutions, the State Bank of India, Axis Bank, and Indian Bank were major Indian lenders to the company. The transaction would release corporate guarantees granted by various companies in the IL&FS group and also facilitate the downsizing of five companies within the IL&FS group: TTL and its four subsidiaries.

TTL is a technology company that provides information technology solutions for efficient citizen service delivery and intelligent administration.

IL&FS ‘new board of directors, led by banker Uday Kotak, stated in its latest updates that the group has settled over 52,000 billion yen in debt, while the group’s total debt settlement estimate is 61,000 billion yen. This transaction is part of the IL&FS Group’s overall solution estimate of 61,000 crore.

TTL was formerly known as IL&FS Technologies Ltd and Falcon SG is a wholly owned subsidiary of Falcon Investments Pte Ltd, part of Gateway Partners and Avenue Capital Group.

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