Cash-strapped IL&FS receives Rs 13,000 crore bids for road assets

The IL&FS Group has received binding bids worth Rs 13,000 crore for its domestic road portfolio, the group said on Tuesday. With a combined debt of Rs 17,700 crore, the bids, if accepted, will need banks to take a haircut.

“IL&FS has received binding financial offers aggregating close to Rs 13,000 crore for 10 domestic road assets. These bids were opened on September 9, 2019,” IL&FS said in a statement. 

The statement added, “The combined value of bids and these claims will help address the cumulative financial debt of Rs 17,700 crore, as of October 2018, in these assets.” 

The five road projects of these in the amber category include Jharkhand Road Projects Implementation Company (JRPICL), Moradabad Bareilly Expressway (MBEL), Chenani Nashri Tunnelway (CNTL), Hazaribagh Ranchi Expressway (HREL) and Jorabat Shillong Expressway (JSEL). 

IL&FS group companies have been classified between Amber, Red and Green, depending on its cash crunch.