IL&FS Transportation Networks Limited (ITNL) has announced the completion of a significant corporate action, transferring its entire stake in Chenani Nashri Tunnelway Limited (CNTL) to Cube Highways and Infrastructure II Pte Ltd. This move marks a substantial development in ITNL's divestment strategy.

Transaction Details

The transaction, which was executed on November 20, involves the following key elements:

Impact on Corporate Structure

As a result of this transaction:

• CNTL has ceased to be a subsidiary of IL&FS Transportation Networks Limited.
• ITNL's nominee directors on CNTL's board have resigned.
• Cube Highways' nominees have been appointed as directors on CNTL's board.

Background of the Deal

The groundwork for this transaction was laid on March 21, when ITNL executed a Share Purchase Agreement (SPA) with Cube Highways. The completion of the deal was subject to various conditions, including approvals from the National Company Law Tribunal (NCLT) and other relevant authorities.

Financial Perspective

In the fiscal year 2017-18:

• CNTL's total revenue was Rs. 404.40 Crore.
• This represented 4.14% of ITNL's consolidated revenue of Rs. 9,778.92 Crore for that year.

Regulatory Compliance

ITNL has made this disclosure in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has confirmed that this transaction does not fall under related party transactions.

This divestment appears to be a strategic move by IL&FS Transportation Networks Limited, potentially aimed at restructuring its portfolio or improving its financial position. The substantial consideration involved underscores the significance of this transaction in the infrastructure sector.

IL&FS Transportation Networks Limited (ITNL) has announced the appointment of Ms. Vini Mahajan as a Nominee Director on its Board of Directors, effective September 10, 2025. This strategic move comes following a nomination from the company's holding entity, Infrastructure Leasing and Financial Services Limited (IL&FS).

Distinguished Career in Public Service

Ms. Mahajan brings a wealth of experience from her illustrious career in the Indian Administrative Service (IAS). A member of the 1987 batch from the Punjab cadre, she served until her retirement in October 2024. Her last position in the civil services was as Secretary in the Ministry of Jal Shakti, Department of Drinking Water and Sanitation, where she oversaw two of the government's flagship programs - the Jal Jeevan Mission and the Swachh Bharat Mission (Grameen).

Pioneering Leadership

Prior to her central government role, Ms. Mahajan made history as the first woman to serve as the Chief Secretary of Punjab. Her diverse experience in the state government includes leadership roles in crucial departments such as Housing & Urban Development, Revenue, Industries & Commerce, Information Technology, Investment Promotion, Finance, and Health.

National-Level Contributions

At the national level, Ms. Mahajan's expertise was utilized in high-profile positions. From 2005 to 2012, she served as Director and then Joint Secretary to the Prime Minister of India, handling financial and infrastructure sector matters. Notably, she played a key role in formulating India's response to the global financial crisis of 2008-09.

Academic Excellence

Ms. Mahajan's academic credentials are equally impressive. She holds an MBA from the Indian Institute of Management (IIM) Calcutta and a B.A. (Hons) in Economics from Lady Shri Ram College, Delhi University. Her academic achievements include receiving the National Talent Search Scholarship and being selected as a Hubert H. Humphrey Fellow for 2000-2001 at American University in Washington, D.C.

Appointment Details

The Board of Directors of IL&FS Transportation Networks Limited approved Ms. Mahajan's appointment on September 10, 2025. As per regulatory requirements, the company has confirmed that Ms. Mahajan is not debarred from holding office as a Director by virtue of any SEBI Order or any other authority.

This appointment aligns with Ms. Mahajan's recent engagement with the IL&FS group, as she was appointed as a Non-Executive Director on the Board of Infrastructure Leasing and Financial Services Limited (IL&FS) on May 23, 2025.

The addition of Ms. Vini Mahajan to the board of IL&FS Transportation Networks Limited is expected to bring valuable insights and expertise to the company's strategic direction and governance.