Cube Highways and Infrastructure Pte. Ltd. is set to acquire IL&FS Transportation Networks Limited (BSE:533177) arm Chenani Nashri Tunnelway Limited, that built the highprofile project in Jammu & Kashmir, in an over INR 40-billion deal that will help the beleaguered company clear some of its debt. During a recent meeting, lenders to CNTL approved the stake sale, which is now subject to approval by the NCLT, bankers told Times of India. The cost of this project was estimated at INR 52.69 billion, with annuities of INR 6.34 billion, concession period up to 2032 and overall debt of INR 47.65 billion. With this sale, IL&FS will reduce over INR 100-billion debt, including sale of wind energy and GIFT City stake. The company is hoping to pare another INR 100-billion of loans through InvIT (Infrastructure Investment Trust) of its road projects.