2 out of 7 employees of IL&FS held hostage in Ethiopia released

Approvals are awaited. *As a result of collective and sustained engagement with various authorities, two of the seven employees have been allowed to move out of the camp and are now in Addis Ababa,* said IL&FS in a statement. “We continue to work towards resolving the situation and have been in touch with our employees in Ethiopia.”ITNL through its subsidiary Elsamex SA has been executing projects across three sites in Ethiopia. The infrastructure finance company has debt of Rs 91,000 crore. A newly appointed board is looking at ways to bring down debt and turnaround the company.On Friday IL&FS Transportation Networks Limited’s shares fell 4.86% to Rs 15.65 on the Bombay Stock Exchange.