Over 30 bidders line up for IL&FS road projectshttps://indianexpress.com/article/business/companies/over-30-bidders-line-up-for-ilfs-road-projects-5530996/

Over 30 bidders line up for IL&FS road projects

According to IL&FS, any binding transaction for the sale of assets, as well as the resulting resolution plan, will be subject to requisite approvals (including the NCLT) before the transactions are concluded.

IL&FS, IL&FS debt, IL&FS crisis, IL&FS road projects, business news, indian express
The last date for receipt of EoI was January 8, 2019.

Debt-laden Infrastructure Leasing & Financial Services (IL&FS) on Wednesday said it has received enquiries from over 30 bidders for the asset monetisation process for the domestic roads vertical — worth over Rs 25,000 crore — housed under its subsidiary IL&FS Transportation Networks Ltd.

“More than 30 expressions of interest were received for acquiring IL&FS’ interests in its domestic road vertical including its domestic EPC and O&M businesses,” IL&FS said. Initiated on 18 December, 2018, the launch is towards developing a resolution plans for the IL&FS group. The IL&FS group has Rs 53,000 crore loans as overdues to the banking system. Banking sources said the Reserve Bank of India (RBI) is not in favour of classification of Rs 53,000 crore IL&FS debt as standstill and want banks to treat them as non-performing assets.

The last date for receipt of EoI was January 8, 2019. “Eligibility of the received EOIs is being scrutinsed. Interest has been received from a mix of strategic and financial players. Qualifying interested bidders will then be invited to review information on the business that would be shared with them, so as to enable them to submit commercial bids,” it said.

According to IL&FS, any binding transaction for the sale of assets, as well as the resulting resolution plan, will be subject to requisite approvals (including the NCLT) before the transactions are concluded.

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The domestic roads vertical include seven operating annuity-based road projects in various parts of India aggregating approximately 1,774 lane kms, eight operating toll-based road projects in various parts of India aggregating around 6,572 lane kms, four under-construction road projects in various parts of India which would aggregate 1,736 lane kms upon completion and three other assets and businesses, which are EPC and O&M businesses of ITNL and a Sports Complex in Thiruvananthapuram.