Debt-laden finance firm IL&FS has announced plans to divest its stake in its alternative investment management and education units as part of its asset monetisation strategy.

The move includes the sale of the group’s stake in IL&FS Investment Managers (IIML) along with associated fund management platforms.

The business focuses on private equity funds and infra debt funds, among others. It oversees nearly INR133.4bn in assets ($1.9bn).

The education business, IL&FS Education & Technology Services, offers technology services to students as well as job linked vocational skills programmes.

“The Board is cognizant that these steps are required to advance the process for putting together resolution plan(s) for the IL&FS group, based on market interest and price discovery for various assets. Any binding transaction for the sale of assets, as well as the resulting resolution plan(s), will be subject to requisite approvals (including the NCLT) before the transactions are implemented,” IL&FS said in a stock exchange filing.

The troubled firm, which faces a debt of more than INR942bn, recently also announced the sale of IL&FS Securities Services and ISSL Settlement & Transaction Services. The businesses received expressions of interest from over 12 suitors.

At the same time, it also started the process of selling its stake in renewable energy assets and domestic road assets.