Mumbai: The new board at debt-laden IL&FS is soliciting expressions of interest for a sale of the company’s stake in IL&FS Education & Technology Services Limited (IETS), along with other subsidiary businesses, the company said on Thursday.

It also wants to sell the company’s stake in its alternative investment fund management business through 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.

This is part of the asset monetisation programmes being undertaken by IL&FS to pay off its debt burden of 91,000 crore.

The education business provides education technology services to K-12 (kindergarten to class 12) schools and students through its proprietary digital content, devices, platforms and solutions. It also offers job-linked vocational skills programmes for the youth in a joint initiative with the National Skills Development Corporation.

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Further, the businesses in its subsidiaries provide advisory and project management services to central and state governments and industries for development of common infrastructure in industrial clusters, and technology-led knowledge management and assessment services for education, vocational skills and corporates. The alternative investment fund management business, undertaken principally through IIML, manages private equity funds, infrastructure debt funds, etc., with assets under management of roughly 13,340 crore.

The asset monetisation programme of IL&FS includes the sale of its securities business, green energy assets and road and EPC capabilities. All asset sales will be subject to approvals (including from the NCLT). The board has appointed Arpwood Capital Pvt Ltd and JM Financial Ltd as financial and transaction advisors, along with Alvarez & Marsal as resolution consultants.

Also read: Why IL&FS may not be out of the woods

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