NEW DELHI, November 20, 2025 : In a major development for India’s infrastructure sector, the debt-ridden Infrastructure Leasing & Financial Services (IL&FS) has completed the transfer of shares of its subsidiary Chenani–Nashri Tunnelway Limited (CNTL) to Cube Highways & Infrastructure II Pte Ltd for a total transaction value of ₹6,145 crore.
IL&FS stated that CNTL is one of the most significant assets in its road infrastructure portfolio. As part of the transaction, Cube Highways will make payments that include the settlement of approximately ₹5,454 crore in debt owed to a consortium of public and private banks, financial institutions, and corporates.
Control Officially Transferred
With the completion of the share transfer, CNTL will no longer remain a subsidiary of ITNL, an IL&FS Group company. The nominee directors representing IL&FS have resigned, and Cube Highways’ nominees have joined the board. Final payments to lenders are expected to be completed within days.
Major Lenders Involved
Key lenders to CNTL include:
State Bank of India, Canara Bank, Deutsche Bank, Indian Bank, Jammu & Kashmir Bank, Federal Bank, Indian Overseas Bank, Syndicate Bank, and UCO Bank.
Approvals & Clearances
The high-value deal followed multiple clearances and procedures, including:
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Execution of the Share Purchase Agreement (SPA)
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Approval by IL&FS Committee of Creditors
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Review by Justice (Retd.) D.K. Jain
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NCLT approval
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NHAI and Board-level approvals
IL&FS Debt Resolution Progress
With this transaction, IL&FS announced that its total resolved debt now exceeds ₹48,000 crore, up from over ₹45,000 crore as of March 2025.
About Chenani–Nashri Tunnelway
The Shyama Prasad Mookerjee Road Tunnel, popularly known as the Chenani–Nashri Tunnel, is India’s longest highway tunnel and a strategic asset ensuring all-weather connectivity between Jammu and Srinagar. Operational since 2017, it reduces travel time by over two hours and functions under an annuity-based concession with NHAI valid until March 2032.
