Amid crisis, IL&FS arm gets nod to restart Bihar road project
Even as IL&FS and its group companies reel under severe liquidity crisis and cases of blatant cover-up and misappropriation, the IL&FS Engineering and Construction Company (IL&FS Engineering Services) has received the Union Road Transport Ministry's approval to revive and restart a road project in Bihar.
Under the project, IL&FS would rehabilitate and develop the Birpur-Bihpur Section of NH-106 in Bihar under Phase-l of National Highways Interconnectivity Improvement Projects (NHIIP).
"IL&FS Engineering and Construction Company Ltd has received approval from Ministry of Road Transport and Highways (MoRTH) on June 14, 2019, for revival/restart of the road project which was previously referred for amicable foreclosure by the competent authority," the company said in a regulatory filing.
IL&FS said that in view of the changed scenario, the company decided to seek permission for executing the project from the ministry.
"IL&FS Engineering has received approval for restart of the project regarding rehabilitation and upgrading to 2 lanes/2 lane with paved shoulders configuration and strengthening of Birpur-Bihpur Section (from km 0 to km 106) of NH-106 in the state of Bihar under Phase-l of National Highways Interconnectivity Improvement Projects.
"The work on the project shall commence within 15 days from the receipt of ministry's consent, it said.
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
Parimal Shah
3 years ago
Where will money come from to start the project?
There is much more to the IFLS mess than meets the eye.
Free Helpline
Legal Credit