IL&FS Gets 14 Binding Bids For 10 Road Assets
Road construction takes place near the IL&FS building, one of India’s leading infrastructure-development and finance companies, in Mumbai, India. (Photographer: Abhijit Bhatlekar/Bloomberg News)

IL&FS Gets 14 Binding Bids For 10 Road Assets

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Cash strapped Infrastructure Leasing and Financial Services on Friday said it has received binding bids for 10 road assets in its domestic roads transportation vertical.

These 10 road assets, that account for total debt of over Rs 17,700 crore, representing nearly 19 percent of total group debt, received 14 binding bids from multiple bidders, a statement said.

The road assets are Jharkhand Infrastructure Implementation Company, Jharkhand Road Projects Implementation Company, Moradabad Bareily Expressway, Chenani Nashri Tunnelway, Hazaribagh Ranchi Expressway and Jorabat Shillong Expressway.

Other assets are Baleshwar Kharagppur Expressway, Pune Sholapur Road Development Company, Road Infrastructure Development Company of Rajasthan and Sikar Bikaner Highway.

The group said the process for inviting binding bids for the road assets was launched through a public advertisement inviting expressions of interest.

On August 28, 2019, the Mumbai bench of National Company Law Tribunal cleared the sale of seven operating wind energy special purpose vehicles of the IL&FS Group to ORIX, Japan for an equity value of approximately Rs 593 crore.

In addition, ORIX has also agreed to taking over the entire SPV debt totalling approximately Rs 3,700 crore, it said.

Also read: Orix Seeks to Buy Out Seven IL&FS Group's Wind Power Plants

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