In the news
4 Mar 2020

Lenders Give Nod to Sale of IL&FS' Three Road Projects

Lenders to bankrupt infrastructure financier IL&FS have cleared the sale of three road projects that would fetch them nearly Rs 6,250 crore. The committee of creditors approved the sale of Chenani-Nashri Tunnel to Cube Highways with a vote of over 90 % . While the sale of Pune Sholapur Road to Italy-headquartered Autostrade was cleared with a vote of 84 % and Jorabat Shillong Expressway will be sold to Edelweiss-backed Sekura Roads with a 100 % vote. IL&FS confirmed that it had received lenders' approval for sale of these projects.

In the news
4 Mar 2020

Shapoorji Palonji, two other companies submit bids for tech park at GIFT

Mumbai-based Business Conglomerate Shapoorji Palonji Group and two other companies have evinced interest for construction of Gujarat's first tech park to be developed at Gujarat International Finance-Tech (GIFT) city situated on the outskirts of state capital Gandhinagar. "State owned Gujarat Industrial Development Corporation (GIDC) is promoting the Rs 300 crore tech park project. Apart from Shapoorji Palonji Group, two other Gujarat based companies PSP projects and Cube Construction are in the race for the construction of nearly 6 lakh sq ft space in GIFT City;" said a senior official with the state government.

In the news
28 Feb 2020

Former IL&FS Mgmt Alleged to be Involved in Rs 6.5k-cr Laundering

A forensic report on the finances of IL&FS Transportation Networks India (ITNL) has alleged the involvement of the earlier management of defaulting financier IL&FS, the parent of the roads company; in suspected money laundering of more than Rs 6,500 crore, sources close to the probe told ET. The report names former chairman Ravi Parthasarathy as the 'prime mover' and indicates that in at least 14 special purpose vehicles (SPVs) linked to ITNL, costs were deliberately inflated through delays using a using a maze of shell and dummy companies to make the projects eventually untenable.

In the news
26 Feb 2020

NFRA to issue notice on Deloitte in IFIN case

The National Financial Regulatory Authority (NFRA) has initiated disciplinary action against Deloitte Haskins & Sells (DHS) for alleged lapses in its audits of IL&FS Financial Services (IFIN). "The first step would be to issue a show-cause notice to the audit company, before any action is taken ... It is in the works," a senior government official told Business Standard. The regulatory body had said in an audit quality review report that quality control systems and processes at DHS were "severely inadequate and ineffective".

In the news
24 Feb 2020

Sekura Roads highest bidder for two IL&FS road Projects

Edelweiss-backed Sekura Roads has been declared highest bidder for two IL&FS road projects for a combined bid value of 1 ,428 crore which would entail a haircut of 22 % to the lenders. Both the projects, Jharkhand Infrastructure Implementation Company (for bid value of Rs 512 crore) and Jorabat Shillong Expressway (for bid value of Rs 916 crore), have a total debt of Rs 1 ,834 crore. Italy headquartered Autostrade has also won the bid for the Pune Sholapur Road at a bid value of Rs 1,404 crore, a haircut of 27% to the lenders. The project has total debt of Rs 1,925 crore. The committee of creditors will vote on these HI bids in the coming week.

In the news
21 Feb 2020

I&FS to seek lenders nod for Road Asset sale by evoting

Resolution for IL&FS's five road assets hangs in the balance as bid validity for these projects is set to expire by month-end. In a last-ditch effort to finalise the sale of these assets, the group will now seek lenders' approval through e-voting.

In the news
19 Feb 2020

IL&FS files Invit with SEBI

IL&FS proposes InvIT for Road Assets. Proposal submitted to SEBI; Group wants to compensate lenders by offering units at zero cost. IL&FS has proposed the creation of InvIT to house the Group's Road Assets and compensate lenders by offering units at Zero cost.

In the news
17 Feb 2020

Singapore firm wins bid to buy India's longest tunnel Road

Singapore-based infrastructure investment platform Cube Highways has won the bid to acquire India's longest road tunnel- the 9.2-km Chenani- Nashri project in Jammu & Kashmir-for Rs 3,929crore, multiple people aware of the matter said. The IL&FS board has declared Cube as the highest bidder (Hi), and invited lenders to vote for the sale through the e-voting process. The tunnel proj ect has a debt of around Rs ,454 crore and a sale of the asset will help bring down the overall debt position of the company.

In the news
12 Feb 2020

DEA warned about redemption risks to AMCs, capital adequacy issues in nearly 1,500 NBFCs

THE DEPARTMENT of Economic Affairs (DEA) raised "red signals" about the possible collapse of Infrastructure Leasing & Financial Services (IL&FS) in September 2018 and the impact it would have on the economy, the Ministry of Corporate Affairs (MCA) has said. Days later, on October 1 that year, the government moved the National Company Law Tribunal (NCLT), seeking to supercede the IL&FS board and appoint a new board in its place. The government's plan was approved by the NCLT on October 2.

In the news
12 Feb 2020

IL&FS Education arm sale hit as investor refuses to sell stake

Sale of Schoolnet India, the education arm of IL&FS, has hit a roadblock after its shareholder Lexington Equity Holdings said it is unwilling to sell its stake in the company to the highest bidder

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