Infrastructure Leasing and Financial Services (IL&FS) has received binding bids from multiple bidders for 10 of its road assets under the roads transportation vertical.
IL&FS has received 14 binding bids for its road assets across three categories — green, amber and red. These 10 road assets accounted for 19 per cent of the total debt of the beleaguered group, with debt to the tune of Rs 17,700 crore.
Jharkhand Infrastructure Implementation Company (JIICL) is the only green asset that has received a binding bid.
Among the amber assets, five road projects that have received bids include Jharkhand Road Projects Implementation Company (JRPICL), Moradabad Bareily Expressway (MBEL), Chenani Nashri Tunnelway (CNTL), Hazaribagh Ranchi Expressway (HREL) and Jorabat Shillong Expressway (JSEL).
Also, JRPICL and MBEL are in the process of being re-classified from amber to green on the basis of the restructuring proposals agreed with its lenders, IL&FS said in a statement.
Baleshwar Kharagppur Expressway (BKEL), Pune Sholapur Road Development Company (PSRDCL), Road Infrastructure Development Company of Rajasthan (RIDCOR) and Sikar Bikaner Highway (SBHL) are among the four red category road assets that have received binding bids.
Moreover, the board, headed by Uday Kotak, managing director and CEO of Kotak Mahindra Bank, as a part of the overall resolution process for the IL&FS group, initiated sale of a number of other group assets. This seeks to address a significant portion of the group’s debt.
“The sale processes for these assets, including education, waste management, technology, real estate and key international assets, are currently under way and binding financial bids are expected in stages over the next few months,” said IL&FS.
Meanwhile, the National Company Law Tribunal (NCLT) has cleared the sale of seven operating wind energy special purpose vehicles or SPVs of the IL&FS group to ORIX Japan for an equity value of around Rs 593 crore.
ORIX has also agreed to take over the entire SPV debt, totaling around Rs 3,700 crore.