IL&FS gets bids worth ₹13,000 cr for road assets.

Debt-laden IL&FS has received binding financial offers of ₹13,000 crore for 10 domestic road assets.

These bids were opened on September 9. The combined value of bids and these claims will help address the cumulative financial debt of ₹17,700 crore, as of October 2018, in these assets.

In addition to the above, IL&FS Group entities continue to hold rights to receive claims with Gross Value exceeding ₹1,900 crore, filed with various concession authorities in respect of these assets.

Recently, three road entities - Jharkhand Road Projects Implementation Company, West Gujarat Expressway and Moradabad Bareilly Expressway - have become ‘going-concerns’.

IL&FS has already sold its wind energy assets to Japanese company ORIX for ₹4,800 crore. The latest development also represents another important milestone in the overall resolution process for IL&FS Group being undertaken by the new board headed by Uday Kotak.

IL&FS and its group entities, which has a total debt of over ₹90,000 crore, fall under three categories — Green, Amber and Red — based on their respective financial positions.

The new board has initiated monetisation of number of other assets — including education, waste management, technology, real estate and key international assets. IL&FS expects binding financial bids for these assets soon.

HBL