IL&FS gets binding bids for 10 road assets in domestic roads transportation vertical
Mumbai (Maharashtra) [India], Aug 31 (ANI): IL&FS has got binding bids for 10 road assets in its domestic roads transportation vertical as the cash-strapped conglomerate struggles with an overall resolution process being undertaken by the new board.
ANI
Aug 31, 2019 11:31 IST
Mumbai (Maharashtra) [India], Aug 31 (ANI): IL&FS has got binding bids for 10 road assets in its domestic roads transportation vertical as the cash-strapped conglomerate struggles with an overall resolution process being undertaken by the new board.
These 10 road assets account for a total debt of over Rs 17,700 crore -- or nearly 19 per cent of the total group debt. They include one green asset: Jharkhand Infrastructure Implementation Co Ltd.
The five amber assets include Jharkhand Road Projects Implementation Co Ltd, Moradabad Bareily Expressway Ltd, Chenani Nashri Tunnelway Ltd, Hazaribad Ranchi Expressway Ltd and Jorabat Shillong Expressway Ltd.
Jharkhand Road Projects Implementation and Moradabad Bareily Expressway are in the process of being reclassified from amber to green on the basis of restructuring proposals agreed with the lenders.
The four red assets are Baleshwar Kharagpur Expressway Ltd, Pune Sholapur Road Development Co Ltd, Road Infrastructure Development Company of Rajasthan Ltd and Sikar Bikaner Highway Ltd.
The process of inviting binding bids for road assets was launched through a public advertisement inviting expressions of interest. It included detailed due-diligence in addition to organising site visits across various states.
In another key development, the National Company Law Tribunal (NCLT) Mumbai Bench in its order on August 28 cleared the sale of seven operating wind energy special purpose vehicles (SPVs) of the IL&FS Group to Orix of Japan for an equity value of Rs 593 crore. In addition, Orix has also agreed to take over the entire SPV debt of about Rs 3,700 crore.
"With these two developments, almost a quarter of IL&FS Group debt is being addressed," it said in a statement. (ANI)
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