IL&FS gets NCLT’s nod to sell road projects via InvIT – Times of India

MUMBAI: The Nationwide Firm Regulation Tribunal (NCLT) has allowed IL&FS to promote highway initiatives of IL&FS Transportation Networks via an infrastructure funding belief (InvIT). With this clearance, the corporate will now be capable to challenge models of InvIT to key lenders together with SBI, Punjab National Bank, Canara Bank, Bank of India and Indian Overseas Bank.
The InvIT had already acquired closing registration from Sebi and all different necessities to kind the InvIT are in place. The sale of highway property via the InvIT route will handle the group’s debt to the extent of Rs 9,214 crore. An IL&FS spokesperson confirmed the event. “The valuation presents a considerably improved restoration for the collectors of those SPVs in addition to group firms who’ve offered debt to those SPVs,” the spokesperson mentioned.
Banks have already written off most of their debt to the IL&FS group because it was labeled as a non-performing asset. By floating the InvIT they’ll obtain models that might be backed by money flows from the highway initiatives. It will add to the bottom-line of the lending banks.
The InvIT contains six highway initiatives — Barwa Adda Expressway, Baleshwar Kharagpur Expressway, Sikar Bikaner Freeway, East Hyderabad Expressway, Moradabad Bareilly Expressway and Jharkhand Highway Tasks Implementation Firm.
The valuation of Rs 9,214 crore was decided by an impartial valuer appointed in response to Sebi InvIT laws. IL&FS has proposed to resolve greater than Rs 16,000 crore via InvIT in phases. This approval by NCLT for phase-1 is a part of the mentioned course of. Within the second part, the group plans so as to add 5 highway property.

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button