ITNL International Pvt Ltd (IITL), asubsidiary of IL&FS Transportation Networks Ltd (ITNL) signed an agreementwith the Chongqing Expressway Group Co Ltd (CEG) and SASAC- Chongqing toacquire 49% of the equity interest in Chongqing Yuhe Expressway Co Ltd for aconsideration of $150 million. The agreement demonstrates the synergies andcomplementarities that exist in the capabilities of the companies. It is alsoreflective of the growing dynamism in the economic engagement between India andChina and the transformational impact that the investment cooperation betweenthe two countries will herald in.
ITNL’sstrategic investment in CEG is a beginning in the right direction that willresult in mutually beneficial outcomes for both India and China. Set up in2000, IITL’s parent company ITNL was listed on India’s National Stock Exchangein March 2010 and has a portfolio of over 20 infrastructure projects with anaggregate value of close to $9 billion.
