Comments
Debt-laden IL&FS has received binding financial offers of ₹13,000 crore for 10 domestic road assets.
These bids were opened on September 9. The combined value of bids and these claims will help address the cumulative financial debt of ₹17,700 crore, as of October 2018, in these assets.
In addition to the above, IL&FS Group entities continue to hold rights to receive claims with Gross Value exceeding ₹1,900 crore, filed with various concession authorities in respect of these assets.
Recently, three road entities — Jharkhand Road Projects Implementation Company, West Gujarat Expressway and Moradabad Bareilly Expressway — have become ‘going-concerns’.
IL&FS has already sold its wind energy assets to Japanese company ORIX for ₹4,800 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 has a total debt of over ₹90,000 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.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.