News > NCLT approves IL&FS stake sale in GIFT City to Gujarat govt

NCLT approves IL&FS stake sale in GIFT City to Gujarat govt

Business Standard | 27/05/2020 06:05 PM | Click to read full article

The Principal Bench of National Company Law Tribunal (NCLT) has approved the stake sale of IL&FS in Gujarat International Finance Tec-City Company Limited (GIFTCL) to the Government of Gujarat. The crisis-ridden IL&FS holds 50 per cent stake in GIFTCL. Notwithstanding the liability of GIFTCL, the Gujarat Government has agreed to pay positive equity value of 100 per cent of the IL&FS stake in GIFTCL, by which, the positive equity value of over Rs 32.70 crore will come to IL&FS.