IL&FS Transportation sells 49% in Gurgaon’s rapid metro rail for $75M

IL&FS Transportation Networks Ltd said on Thursday the company and its units have sold a 49 per cent stake in Rapid MetroRail Gurgaon Ltd for Rs 509.90 crore (about $75 million).

The company didn’t give any details in a stock market disclosure.

Rapid MetroRail was set up as a joint venture of IL&FS Rail Ltd, earlier known as ITNL ENSO Rail Systems, IL&FS Transportation and DLF Metro. It was formed to construct and operate the metro rail system in Gurgaon.

The company reported revenue of Rs 44.32 crore for the financial year ended on March 31, 2015, compared with Rs 14.9 crore the year before. Its net loss widened to Rs 135 crore from Rs 63.67 crore, according to the annual report of IL&FS Transportation for 2014-15.

The annual report shows IL&FS Transportation had a 82.81 per cent stake in Rapid MetroRail.

IL&FS Transportation, a subsidiary of Infrastructure Leasing & Financial Services Ltd, develops, operates and maintains roads and highways, flyovers and bridges in several states. It was listed on stock exchanges in March 2010.

The firm counts Standard Chartered IL&FS Asia Infrastructure Growth Fund and Bessemer Venture Partners as investors. It also counts Norwegian sovereign wealth fund Government Pension Fund Global as a shareholder.

Shares of IL&FS Transportation were trading at Rs 70.50, down 2. 5 per cent at 3:15 PM in a Mumbai market that was down 3.2 per cent.

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