IL&FS Receives Binding Bids worth Rs13,000 Crore for Its Domestic Road Assets
Scam-hit Infrastructure Leasing & Financial Services (IL&FS) has received binding financial offers worth about Rs13,000 crore for its 10 domestic road assets. These bids were opened on 9 September 2019.
 
"In addition to the above, IL&FS group entities continue to hold rights to receive claims with gross value exceeding Rs1,900 crore, filed with various concession authorities in respect of these assets. The combined value of bids and these claims will help address the cumulative financial debt of Rs17,700 crore, as of October 2018, in these assets," the company says in a release.
 
The 10 road assets that received binding bids include:
 
One Green Asset – Jharkhand Infrastructure Implementation Co Ltd (JIICL);
 
Five Amber Assets - Jharkhand Road Projects Implementation Co Ltd (JRPICL), Moradabad Bareily Expressway Ltd (MBEL), Chenani Nashri Tunnelway Ltd (CNTL), Hazaribagh Ranchi Expressway Ltd (HREL), Jorabat Shillong Expressway Ltd (JSEL). Both JRPICL and MBEL are in the process of being re-classified from Amber to Green on the basis of the restructuring proposals agreed with its lenders.
 
Four Red Assets - Baleshwar Kharagppur Expressway Ltd (BKEL), Pune Sholapur Road Development Co Ltd (PSRDCL), Road Infrastructure Development Co of Rajasthan Ltd (RIDCOR), Sikar Bikaner Highway Ltd (SBHL).
 
The IL&FS board is evaluating these offers in consultation with its advisors. 
 
According to the release, this development represents yet another important milestone in the overall resolution process for IL&FS group being undertaken by the new board headed by banker Uday Kotak.
 
"The new board has initiated monetization of number of other assets - including education, waste management, technology, real estate and key international assets.
 
Binding financial bids for the assets are expected soon," the release added.
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    Ashok Leyland declares no-working day in 5 factories
    Ashok Leyland on Monday declared a 'no-working day' for five of its factories across India, days after it reported a sharp drop of 47 per cent in its sales for the month of August.
     
    The commercial vehicle major said that "due to weak demand of our products" the company will see "non-working days" at various plant "locations during September 2019".
     
    At Ennore in Chennai, the number of non-working says would be 16, at Hosur 1, 2, CPPS it would be 5 while at Alwar, Rajasthan it would be 10.
     
    At Bhandara, Maharashtra the number of non-working days will be 10, while for Pantnagar in UP, it will be 18.
     
    In a statement issued earlier, the company said that it sold a total of 9,231 units in August, down from 17,386 units sold during the corresponding month in 2018.
     
    The company's sales of goods carriers -- light, medium and heavy trucks -- came down to 7,432 units last month from 15,945 units sold in August 2018.
     
    On the other hand, bus sales last month went up to 1,799 units from 1,441 units sold in August 2018.
     
    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.
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    Reverse Gear: August auto sales slump 23.55%
    The slump in domestic automobile sector continued unabated in August as the overall sectoral off-take plunged 23.55 per cent.
     
    The industry which is suffering from high GST rate and lack of adequate liquidity had recorded a slump of 18.71 per cent in July, the highest monthly sales de-growth in the last 19 years.
     
    On Monday, data furnished by the Society of Indian Automobile Manufacturers (SIAM), showed that total sales of the Indian automobile sector declined by 23.55 per cent during July to 1,821,490 units, from 2,382,436 units sold during the corresponding month of the previous year.
     
    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.
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    COMMENTS

    Arumugaraja A

    2 weeks ago

    If sales is down, auto companies need to reduce the price and give incentives to boost sales. But here we have auto CEOs whining and cribbing.

    HAYATH M S

    2 weeks ago

    Those who pay 30% income tax they should be fully exempted from any kind of tax , than economy will start again,

    REPLY

    Arumugaraja A

    In Reply to HAYATH M S 2 weeks ago

    In Western world, Government gives back the income tax in the form of social benefits after 65 age. Nothing like that in India.

    gcmbinty

    2 weeks ago

    What has been the state of inventory of automobile industry, segmentwise, w.e.f. July 2019

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