IL&FS completes share transfer of Chenani-Nashri Tunnelway to Cube Highways

Debt-ridden Infrastructure Leasing & Financial Services on Thursday said it has transferred shares of its subsidiary Chenani-Nashri Tunnelway to Cube Highways & Infrastructure for Rs 6,145 crore.

Infrastructure Leasing & Financial Services(IL&FS), in a statement, said Chenani Nashri Tunnelway Limited (CNTL) is among the biggest assets under its road portfolio.

''As part of the transaction, Cube (Cube Highways & Infrastructure II Pte Ltd) will make payment of an aggregate value of Rs 6,145 crore, including settlement of approximately Rs 5,454 crore of debt by a consortium of public and private sector banks, financial institutions and corporates,'' it added.

According to the statement, IL&FS has completed the transfer of shares of CNTL to Cube, and with this transfer, CNTL ceases to be a subsidiary of ITNL, an IL&FS Group company, effective today.

Consequently, the Nominee Directors of the CNTL have resigned and the nominees of Cube have been appointed as Directors on the Board. The payments to lenders, and thus the sale, will be completed in a few days, it said.

Key lenders to CNTL include State Bank of India, Canara Bank, Deutsche Bank, Indian Bank, Jammu and Kashmir Bank, Federal Bank, Indian Overseas Bank, Syndicate Bank and UCO Bank. The statement said the deal concluded after a series of developments and required approvals, including SPA execution, Committee of Creditors, Justice (Retd) D K Jain, NCLT, NHAI and the respective Boards.

''With the completion of this transaction, the aggregate IL&FS Group Debt discharged now crosses Rs 48,000 crore, up from over Rs 45,000 crore reported in March 2025,'' it said.

CNTL is one of the subsidiaries of ITNL, an IL&FS Group Company, which is the holding company of all Domestic and International Road assets portfolio under the Group.

Shyama Prasad Mookerjee Road Tunnel (Chenani–Nashri Tunnel) is an operational road tunnel and a critical infrastructure asset providing an all-weather connectivity link between Jammu and Srinagar, reducing travel time by over two hours.

CNTL has been operational since 2017 under an annuity-based concession with the National Highways Authority of India (NHAI), valid until March 2032.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)