IL&FS InvIT for Road Assets Gets Regulator's Approval
The capital market regulator has given its nod to IL&FS to set up an infrastructure investment trust (InvIT) that would take over at least 10 road projects of the troubled infrastructure financier and help it resolve debt of nearly Rs13,000 crore. Units of the proposed InvIT will be distributed among key lenders including State Bank of India, Punjab National Bank, Canara Bank, Bank of India and Indian Overseas Bank, people familiar with the development said. The group is expected to start the process of setting up a sponsor company for the InvIT under its subsidiary IL&FS Transportation Networks by the end of this month.