IL&FS Transportation Networks (ITNL), the road development arm of infrastructure development and finance major IL&FS, is in talks with I Squared Capital-backed Cube Highways to sell a majority stake in the recently completed Chenani-Nashri tunnel way (CNT) in Jammu & Kashmir (J&K), sources close to the development told FE.
The deal is being valued at about Rs 4,000 crore, according to investment bankers. An email query sent to a company spokeperson at ITNL did not elicit a reply till the time of going to press.
FE had reported in January this year that ITNL was in talks with the Canadian Pension Plan Investment Board (CPPIB) to sell its stake. However, sources now tell FE the parties failed to arrive at an agreement over the valuations. Read More