IL&FS Board puts domestic road assets up for sale

IL&FS would seek Expression of Interest for potential bidders to participate.

MUMBAI:  IL&FS has identified domestic road projects of its subsidiarity ITNL (IL&FS Transportation Networks Ltd) as well as others for sale, as part of its reorganisation plan under the new management’s ‘Progress and the Way Forward’ plan. These roads projects proposed for stake sale may be carried out as a basket or individually, or as an undertaking comprising all offered assets and business, it said in a press release on Monday. 

The identified projects include seven operating annuity-based road projects in various parts of the country aggregating 1,774 lane km, eight operating toll-based road projects of around 6,572 lane km, four under-construction road projects that would be 1,738 lane km on completion and three other assets and businesses, which are EPC and O&M business of ITNL and a Sports Complex in Thiruvananthapuram. 

IL&FS would seek Expression of Interest for potential bidders to participate. “The Board of IL&FS and ITNL are cognizant that these steps are required to advance the process for putting together resolution plan(s) for the IL&FS Group, based on market interest and price discovery for various assets,” said the company, which has been starting with IL&FS Securities Services Ltd, ISSL Settlement & Tron Services, renewable energy assets and luxury cars.

Separately, the National Company Law Appellate Tribunal on Monday adjourned the hearing of the appeal on moratorium for IL&FS and group companies for 90 days to December 20. 

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