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IL&FS starts process to explore divestment of its interest in road assets

The IL&FS Board along with the ITNL Board have decided to publicly solicit Expressions of Interest to assess the interest for a sale of its Stake(s) in the assets under this vertical

Amritha Pillay  |  Mumbai 

IL&FS
IL&FS

board has initiated the process to explore divestment of the group’s interest in road assets and business, the group said in a statement on Monday.

“In order to ascertain market interest, and to examine feasibility of maximization of value in an orderly and transparent manner, the Board, acting on behalf of its relevant subsidiaries including Transportation Networks (ITNL), has today initiated the process of exploring the divestment of the IL&FS Group’s equity stake/interest in road businesses or an undertaking comprising all the assets,” the statement said.

Il&FS has listed seven operating annuity based road projects, eight operating toll based road projects, four under construction road projects, three other assets and businesses, which are EPC & O&M businesses of ITNL and a Sports Complex in Thiruvananthapuram as assets included in its domestic roads vertical.

The IL&FS Board along with the ITNL Board have decided to publicly solicit Expressions of Interest to assess the interest for a sale of its Stake(s) in the assets under this vertical.

“The Board of IL&FS and ITNL, are cognizant that these steps are required to advance the process for putting together resolution plan for the IL&FS Group, based on market interest and price discovery for various assets,” the statement said.

Arpwood Capital and JM Financial have been appointed as the financial and transaction advisors, along with Alvarez & Marsal as resolution consultants.

First Published: Mon, December 17 2018. 20:13 IST
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