Norstugan

Main Menu

  • Home
  • Norway
  • Oslo
  • Norway Politics
  • Norway Culture
  • Norway Economy

Norstugan

Header Banner

Norstugan

  • Home
  • Norway
  • Oslo
  • Norway Politics
  • Norway Culture
  • Norway Economy
Norway Economy
Home›Norway Economy›IL&FS: lenders approve sale of three IL & FS road projects

IL&FS: lenders approve sale of three IL & FS road projects

By Chavarria Mary
April 7, 2021
0
0
Mumbai: Lenders to bankrupt infrastructure financier IL&FS authorized the sale of three road projects that would earn them nearly Rs 6,250 crore. The creditors’ committee approved the sale of the Chenani-Nashri tunnel to Cube Highways with a vote of over 90 percent. While the sale of Pune Sholapur Road to Autostrade, headquartered in Italy, was cleared with an 84% vote and the Jorabat Shillong highway will be sold to Sekura Roads, backed by Edelweiss, with a 100% vote .

IL&FS has confirmed that it has received approval from the lenders for the sale of these projects.

“A big hurdle has been passed for the sale of these projects, now (retired) judge DK Jain and the bankruptcy appeal court must approve the distribution framework so that the proceeds of the sale can be distributed in a way. appropriate between lenders, ”said an official involved in the matter said.



The Chenani-Nashri project has a debt of around Rs 5,454 crore; the lenders agreed to take a 27% haircut and sell it at a final auction value of Rs 3,929 crore. Jorabat Shillong Highway, which has a total debt of Rs 1,406 crore, is sold at over 27% discount at a final sale value of Rs 916 crore. Pune Sholapur road will be sold at Rs 1,404 crore, a 27% discount for lenders. The project has a total debt of Rs 1,925 crore.

IL & FS’s board of directors has put 14 road assets into operation on the block. The highest bidders for five road assets were identified for a total sale value of Rs 7,489 crore against a total debt of Rs 10,500 crore. Other road projects for which bidders are being finalized include the Jharkhand Infrastructure Implementation Company (JIICL) and the Hazaribagh Ranchi highway. The remaining nine assets, which are to be sold through Infrastructure Investment Trusts (InvITs), have a total debt of Rs 11,000 crore.

The InvIT will be created under the subsidiary of the IL&FS Transportation Networks company, which will own 15 percent of the units as a sponsor while the remaining 85 percent will be allocated to other companies in the IL&FS group, which in turn will allocate them. to lenders according to their exposure.

IL&FS has a total debt of Rs 94,215 crore of which the four holding companies of the group – IL&FS, IL&FS Financial Services (IFIN), IL&FS Transportation Networks (ITNL), IL&FS Energy Development Company (IEDCL) – have a consolidated debt of Rs 48,000 crore.

This represents 51 percent of the group’s total debt.

Entities such as pension funds, employee provident funds, provident funds, bonus funds and superannuation funds have exposure of Rs 10,173 crore to the group, while banks have exposure. of? 44,075 crore.

Related posts:

  1. Cineplex Gets Relief From Lenders As Third Quarter Revenue Dips 85%
  2. What are the differences between sales type leases and direct finance leases in journal entries?
  3. Yes Bank: Biggest bailout of Indian bank will worsen lender funding problems
  4. rakesh jhunjhunwala: Rakesh Jhunjhunwala doubts Internet companies; bets on TaMo, PSB, small private lenders

Recent Posts

  • Tekna made it to the main list of the Oslo Stock Exchange
  • Cyberattack hits Norway, pro-Russian hacker group blamed
  • Milwaukee log building is world’s tallest in Norway
  • The European Union could share its strong economic advantages with Moldova, Ukraine and Georgia
  • Imam tells Nigel Farage there’s ‘nothing in the Koran about killing gay people’ after attack on LGBT venue in Oslo

Categories

  • Norway
  • Norway Culture
  • Norway Economy
  • Norway Politics
  • Oslo

Archives

  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • April 2021
  • Privacy Policy
  • Terms and Conditions