IL&FS to sell education, alternative investment management businesses
Mumbai : Debt-laden Infrastructure Leasing & Financial Services (IL&FS) on Thursday said it has initiated two separate processes to sell the group's interests in education and the 'Alternative Investment Management' businesses.
According to the firm, the decision is based on the report prepared by the new Board of IL&FS, which was submitted to the Ministry of Corporate Affairs and in turn to the National Company Law Tribunal (NCLT).
The company has invited Expression of Interest (EoI) proposals for the sale of its interests in IL&FS Education & Technology Services Limited (IETS), along with other subsidiary businesses.
Additionally, EoIs have been invited for the sale of 'Alternative Investment Fund Management' business comprising of IL&FS Investment Managers Limited (IIML) along with all its associated fund management platforms, "as well as sponsor commitments relating to a few of the funds".
The group's education business provides ed-tech services to K-12 schools and students through its proprietary digital content, devices, platforms and solutions, as well as offers job linked vocational skills programmes for the youth.
The company's Alternative Investment Fund Management business is undertaken principally through IIML which manages private equity funds, infrastructure debt funds and so on, with total assets under management of around Rs 13,340 crore.