Companies

IL&FS receives over 30 EoIs for acquisition of assets in its domestic roads vertical

Our Bureau New Delhi | Updated on January 10, 2019 Published on January 10, 2019

“IL&FS has received a strong response to the asset monetisation process for the domestic roads vertical” File Photo   -  Reuters

Infrastructure Leasing & Financial Services (IL&FS) has said it has received a strong response to the asset monetisation process for the domestic roads vertical housed under its subsidiary, IL&FS Transportation Networks Ltd (ITNL).

More than 30 expressions of interest were received for acquiring IL&FS’ interests in its domestic roads vertical, including its domestic EPC (engineering, procurement and construction) and O&M (operations & maintenance) businesses, the debt-laden company said in a statement on Wednesday.

“Last date for receipt of EoI was January 8, 2019. Eligibility of the received EOIs is being scrutinised. Interest has been received from a mix of strategic and financial players,” the statement said. 

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.

IL&FS had invited EoIs for a potential acquisition of IL&FS Group’s equity stake(s)/ interest(s) in road assets/businesses, or an undertaking comprising all the assets/businesses, including: seven operating annuity-based road projects in various parts of the country aggregating approximately 1,774 lane km; and eight operating toll-based road projects spread across the country, aggregating approximately 6,572 lane km. 

It had also invited EoIs for four under-construction road projects in various parts of India, which would aggregate approximately 1,736 lane km upon completion, and three other assets and businesses, which are the EPC & O&M businesses of IL&FS Transportation Networks Ltd, and a Sports Complex in Thiruvananthapuram

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, the statement said.

 

Published on January 10, 2019
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