Home / Companies / News /  IL&FS gets binding bids for 10 roads

Beleagured infrastructure financier IL&FS said it has received binding bids for ten road assets in its domestic roads transportation vertical. These 10 road assets, which account for total debt of over 17,700 crore (nearly 19% of total group debt), received 14 binding bids from multiple bidders, the company said in a statement.

The 10 road assets that received binding bids include Jharkhand Infrastructure Implementation Company Limited, Jharkhand Road Projects Implementation Company Limited (JRPICL), Moradabad Bareily Expressway Limited (MBEL), Chenani Nashri Tunnelway Limited (CNTL), Hazaribagh Ranchi Expressway Limited (HREL), Jorabat Shillong Expressway Limited (JSEL), Baleshwar Kharagppur Expressway Limited (BKEL), Pune Sholapur Road Development Company Limited (PSRDCL), Road Infrastructure Development Company of Rajasthan Limited (RIDCOR) and Sikar Bikaner Highway Limited (SBHL).

In another key development, the NCLT, Mumbai Bench in its order dated 28 August, 2019 cleared the sale of seven operating wind energy SPVs (of the IL&FS Group) to ORIX, Japan for an equity value of approximately 593 crore. In addition, ORIX has also agreed to taking over the entire SPV debt totalling approximately Rs. 3,700 crore.

With these two developments, almost a quarter of IL&FS Group debt is being addressed, the company said. The company has accumulated debt of nearly 1 trillion.

As part of the overall resolution process for IL&FS, the management has initiated sale of number of other group assets also. Sale processes for these assets including education, waste management, technology, real estate and key international assets are currently underway and binding financial bids are expected in stages over the next few months, the statement added.

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