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IL&FS completes stake sale in education business, cuts consolidated debt by Rs 650 crore

The sale was completed pursuant to the approval granted by the National Company Law Tribunal’s principal bench through its order dated August 31.

Sale of SIL will reduce operating cost for IL&FS Group by nearly 19%.

The IL&FS Group on Wednesday completed the sale of a 73.69% stake in its education business, held under Schoolnet India (SIL), to Falafal Technologies (FTPL).

The transaction…