IL&FS gets bids worth Rs13,000 cr for 10 road assets
11 September 2019
Infrastructure Leasing and Financial Services (IL&FS) is reported to have received binding financial offers of Rs13,000 crore for 10 domestic road assets, which would help partly ease its fiscal distress.
The combined value of these bids, which were opened on 9 September, compares with the Rs17,700 crore creditor claims on the debt-laden infrastructure financing company.
In addition, the IL&FS Group entities have claims exceeding Rs1,900 crore filed with various concession authorities in respect of these assets.
Three road entities of IL&FS — Jharkhand Road Projects Implementation Company, West Gujarat Expressway and Moradabad Bareilly Expressway — have recently become ‘going-concerns’.
IL&FS has already sold its wind energy assets to Japanese company ORIX for Rs4,800 crore.
The latest development also represents another important milestone in the overall resolution process for IL&FS Group being undertaken by the new board headed by Uday Kotak.
IL&FS and its group entities, which have a total debt of over Rs90,000 crore, fall under three categories — Green, Amber and Red — based on their respective financial positions.
The new board has initiated monetisation of number of other assets — including education, waste management, technology, real estate and key international assets. IL&FS expects binding financial bids for these assets soon.