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The board of debt-laden IL&FS on Thursday initiated two separate processes to explore the sale of its interests in the education business as well as in the alternative investment fund (AIF) management business.
The board, appointed by the National Company Law Tribunal in early October, has decided to publicly solicit expressions of interest (EoIs) for a sale of its interests in the two businesses.
The education business comprises IL&FS’ interest in IL&FS Education & Technology Services Ltd (IETS) apart from other subsidiary businesses.
The AIF business comprises the company’s interests in IL&FS Investment Managers Ltd (IIML) along with all its associated fund management platforms, as well as sponsor commitments relating to a few of the funds.
The EoIs are to ascertain market interest and to examine the feasibility of maximisation of value in an orderly and transparent manner, said the company in a statement.
The education business provides ed-tech services to K-12 schools and students through its proprietary digital content, devices, platforms and solutions, the statement added. It also offers job-linked vocational skills programmes for the youth in a joint initiative with the National Skills Development Corporation.
Further, the businesses in IETS’ subsidiaries provide advisory and project management services to the Central and State governments and industries for the development of common infrastructure in industrial clusters, and technology-led knowledge management and assessment services for education, vocational skills and corporates.
Fund management
The AIF business, undertaken principally through IIML, manages private equity funds, infrastructure debt funds, etc, with total assets under management of approximately ₹13,340 crore.
“It is the objective of the board to achieve, by one or more plan(s), the resolution of the IL&FS group through certain measures, including asset divestments...The board is cognizant that these steps are required to advance the process for putting together resolution plan(s) for the IL&FS group, based on market interest and price discovery for various assets,” the NBFC said in the statement.
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