IL&FS on Wednesday stated that it has transferred two extra street initiatives—Hazaribagh Ranchi Expressway and Thiruvananthapuram Highway Improvement Firm—to Roadstar Infra Funding Belief at an enterprise worth of Rs 979 crore.
The infrastructure sector finance agency which went beneath insolvency in September 2018 nonetheless has 4 extra street particular objective automobiles (SPVs) with an combination enterprise worth of Rs 5,274 crore.
With this, secured lenders of each the belongings, which embody Punjab Nationwide Financial institution, Union Financial institution, Indian Abroad Financial institution, Deutsche Financial institution, JP Morgan and L&T Infra Credit score, with mixed debt of over Rs 630 crore, will get 100 per cent restoration by means of restructuring of their debt beneath Invit. Moreover, group collectors (IFIN, ITNL, IL&FS) will obtain Invit models as settlement of their dues, which is able to subsequently be transferred to the lenders of the group collectors as a decision of their debt.
Whereas Hazaribagh Ranchi Expressway is a BOT (Construct, Function and Switch) annuity venture involving 4 laning of 73 kilometres of the Hazaribagh-Ranchi stretch of NH33 in Jharkhand with concession as much as FY28, Thiruvananthapuram Highway Improvement Firm can be a BOT annuity venture involving enchancment of 43 kilometres of the town street in Thiruvananthapuram with concession as much as FY32.
IL&FS had earlier this 12 months transferred two different street belongings to Roadstar Invit already—Moradabad Bareilly Expressway and Sikar Bikaner Freeway—at an enterprise worth of Rs 4,295 crore.
Senior secured lenders of those two SPVs embody Financial institution of Baroda, Punjab Nationwide Financial institution, Indian Financial institution, Financial institution of India, L&T Finance they usually even have achieved 100 per cent restoration by means of restructuring their debt upon switch to Invit.
The cumulative enterprise worth of those 4 street belongings is Rs 5,274 crore, it added.
IL&FS plans to switch the remaining 5 street SPVs valued at over Rs 13,000 crore to the Invit beneath the decision framework, and can handle debt of over Rs 6,800 throughout these 9 SPVs.
Final week, the corporate had knowledgeable the Nationwide Firm Legislation Appellate Tribunal that it had resolved debt of Rs 56,943 crore until September 2022 and decreased the variety of subsidiaries to 101 from over 302 when the disaster started 4 years in the past.
IL&FS, which defaulted on its mortgage compensation for the primary time in September 2018, needed to pay again its lenders over Rs 90,000 crore at the moment.