IL&FS Receives Binding Bids worth Rs13,000 Crore for Its Domestic Road Assets
Moneylife Digital Team 10 September 2019
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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