Debt-ridden IL&FS has received more than 30 expressions of interest (EOIs) for the domestic roads vertical housed under its subsidiary, IL&FS
Transportation Networks Ltd.
"More than 30 expressions of interest were received for acquiring IL&FS' interests in its domestic road vertical including its domestic EPC (Engineering, Procurement and Construction) and O&M (operations and maintenance) businesses. Initiated on December 18, 2018, the launch is towards developing a resolution plan(s) for the IL&FS group," the company said in a statement.
According to the company, the eligibility of the received EOIs is being scrutinsed.
"Interest has been received from a mix of strategic and financial players. Qualifying interested bidders will then be invited to review information on the business that would be shared with them, so as to enable them to submit commercial bids," the statement said.
"Any binding transaction for the sale of assets, as well as the resulting resolution plan(s), will be subject to requisite approvals (including the NCLT) before the transactions are concluded."
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.