IL&FS gets 14 bids worth Rs 13,000 cr for 10 road assets

Mumbai: The bankrupt Infrastructure Leasing & Financial Services (IL&FS) received 14 binding financial bids worth around Rs 13,000 crore for 10 of its road assets in the country.These 10 road assets account for debt of over Rs 17,700 crore, which is nearly 19% of total group debt.

The 14 bids were opened on September 9, and the board and the advisor are evaluating them, the company said. IL&FS Group entities continue to hold rights to receive claims with gross value exceeding Rs 1,900 crore, filed with various concession authorities in respect of these assets, it said.

These road assets include Jharkhand Infrastructure Implementation Company, Jharkhand Road Projects Implementation Company, Moradabad-Bareily Expressway, Chenani-Nashri Tunnelway, Hazaribagh-Ranchi Expressway and the Jorabat- Shillong Expressway. The others are the Baleshwar-Kharagppur Expressway, Pune-Sholapur Road Development Company, Road Infrastructure Development Company of Rajasthan and Sikar-Bikaner Highway. The board is also taking steps monetize a number of other assets–including education, waste management, technology, real estate and a few key international assets.

Binding financial bids for these assets are expected soon, the company added. On August 28, the NCLT Mumbai had cleared the sale of seven operating wind energy projects of the IL&FS Group to Orix Corporation of Japan for an equity value of around Rs 593 crore. In addition, Orix has also agreed to take over the entire debt of these seven special purpose vehicles totalling fund Rs 3,700 crore.

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