IL&FS Transfers CNTL to Cube Highways for ₹6,145 Crore Deal

IL&FS Transportation Networks Limited has completed the transfer of its subsidiary Chenani Nashri Tunnelway Limited to Singapore-based Cube Highways & Infrastructure II Pte. The agreement, with a total value of ₹6,145 crore, is described as one of the largest asset resolutions within the IL&FS Group, as per the news reports.  

Of this amount, ₹5,454 crore will settle debt owed to a consortium of public- and private-sector lenders, financial institutions and corporates. 

Deal Completion and Changes in Subsidiary Status 

As per the news reports, the company confirmed that CNTL is no longer its subsidiary, effective immediately. Directors nominated by IL&FS have resigned from the CNTL board, while Cube’s nominees have taken their place.  

ITNL stated that payments to lenders will be completed in the coming days. CNTL has been described as one of the key assets in the IL&FS road portfolio, and the successful completion of the transaction marks a significant milestone in the group’s broader resolution process. 

Lender Recoveries and Impact on Group Debt 

According to IL&FS, lenders are expected to recover between 98% and 124% of their exposure, depending on loan seniority. Key lenders include State Bank of India, Canara Bank, Deutsche Bank, Indian Bank, Jammu & Kashmir Bank, Federal Bank, Indian Overseas Bank, Syndicate Bank and UCO Bank.  

With this transaction, the IL&FS Group’s discharged debt has now exceeded ₹48,000 crore, compared with more than ₹45,000 crore as of March 2025.

Read More: Canara Bank to Raise ₹ 3,500 Crore through First AT-1 Bond Issue of Fiscal Year 

IL&FS Transportation Networks Share Price Performance  

As of November 21, 2025, at 10:30 AM, IL&FS Transportation Networks Limited share price is trading at ₹2.91 per share, reflecting a decline of 0.68% from the previous closing price. 

Conclusion 

The transfer of CNTL to Cube Highways marks a major step in IL&FS’s ongoing resolution efforts. The deal delivers substantial recoveries to lenders and contributes significantly to the reduction of the group’s overall debt. 

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