In a bid to end the crisis facing IL&FS employees in Ethiopia, the World Bank has asked the Ethiopian Roads Authority to look for a resolution at the earliest. The project, being executed by an IL&FS joint venture in Ethiopia, is funded by the World Bank.
After spending 50 days in captivity, Chaitanya Hari, an engineer with IL&FS Transportation Network Ltd (ITNL) in Ethiopia, was hoping to be released on Tuesday to be home in time for his sister’s wedding next week.
Two subsidiaries of IL&FS Transportation Networks Ltd (ITNL) have decided to stop debt repayments and have sought refunds of debt repaid after 15 October, India Ratings said Tuesday, warning such action would lead to a default rating and threaten infrastructure project finance using special purpose vehicles.
Provident and pension funds of thousands of middle-class salaried people face the spectre of losing thousands of crores of their nest egg as analysts estimate these funds’ investments in Infrastructure Leasing & Financial Services and group companies to be between Rs. 15,000 to Rs 20,000 crore, said three people familiar with the matter.
The Union government is set to invite tenders for a third time for its ambitious Zojila tunnel project in Jammu and Kashmir as crisis-hit Infrastructure Leasing & Financial Services (IL&FS) has surrendered the Rs 6,809-crore contract it bagged in 2017.
Infrastructure Leasing & Financial Services, which is selling assets to repay debt of about Rs 91,000 crore ($13 billion), won’t provide indemnity and warranties to potential buyers, a move that will drive down valuations steeply, said three people with direct knowledge of the matter.
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.
Tata Power, Torrent, JSW Energy, Greenko, Sterlite Power and Statcraft are among the 15-plus applicants who have submitted their expressions of interest (EoIs) for IL&FS group’s renewable energy assets worth Rs 8,000 crore — the second largest vertical after roads.
Infrastructure Leasing & Financial Services (“IL&FS”) has received a strong response to the asset monetization process for the Domestic Roads Vertical 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.
The National Company Law Tribunal (NCLT) on Tuesday allowed the corporate affairs ministry to reopen the books of the IL&FS Group and its subsidiaries for the past five years under Section 130 of the Companies Act, to ascertain financial mismanagement.