IL&FS Gets 14 Binding Bids Worth Rs 13,000 Crore For 10 Road Assets
These 10 road assets account for debt of over Rs 17,700 crore, or nearly 19 percent of the IL&FS group’s total debt.
Infrastructure Leasing & Financial Services Ltd. has received 14 binding financial bids worth around Rs 13,000 crore for 10 of its road assets in India.
The 14 bids were opened on Sept. 9, and the IL&FS board and adviser are evaluating them, the company said in a statement on Tuesday. These 10 road assets account for debt of over Rs 17,700 crore, or nearly 19 percent of the group's total debt.
IL&FS Group firms continue to hold rights to receive claims with gross value exceeding Rs 1,900 crore, filed with various concession authorities in respect of these assets, the statement read.
The IL&FS road assets for which bids were received are:
- Jharkhand Infrastructure Implementation Company
- Jharkhand Road Projects Implementation Company
- Moradabad-Bareily Expressway
- Chenani-Nashri Tunnelway
- Hazaribagh-Ranchi Expressway
- Jorabat-Shillong Expressway
- Baleshwar-Kharagppur Expressway
- Pune-Sholapur Road Development Company
- Road Infrastructure Development Company of Rajasthan
- Sikar-Bikaner Highway
The IL&FS board is also taking steps monetise a number of other assets—including education, waste management, technology, real estate and a few key international assets. Binding financial bids for these assets are expected soon, the company said.
The Unwinding Of IL&FS: One Year On
On Aug. 28, the NCLT Mumbai had cleared the sale of seven operating wind energy projects of the IL&FS Group to Orix Corporation of Japan for an equity value of around Rs 593 crore. In addition, Orix has also agreed to take over the entire debt of these seven special purpose vehicles totaling Rs 3,700 crore.