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IL&FS receives bids of Rs 13,000 crore for 10 road assets
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SME Times News Bureau | 10 Sep, 2019
Crisis-ridden infrastructure financing major IL&FS has received
binding financial offers totalling nearly Rs 13,000 crore for 10 of its
domestic road assets.
In addition to this, the IL&FS Group
entities continue to hold rights to receive claims with gross value of
over Rs 1,900 crore filed with various concession authorities in respect
of these assets.
"The combined value of bids and these claims
will help address the cumulative financial debt of Rs 17,700 crore, as
of October 2018, in these assets," a company statement said.
The
bids for the road assets were opened on September 9 and the IL&FS
Board is evaluating these offers in consultation with its advisors.
"This
development represents yet another important milestone in the overall
resolution process for IL&FS Group being undertaken by the new
Board," the statement said.
IL&FS Group, which has about Rs
91,000 crore in debt, is facing severe liquidity crisis. During the
period July 2018 to September 2018, two of its subsidiaries reported
having trouble in paying back loans and inter-corporate deposits to
lenders.
In July 2018, the road arm of IL&FS was facing
difficulty in making repayments due on its bonds. Further, in early
September 2018, one of the subsidiaries of IL&FS Group was unable to
repay a short-term loan of Rs 1,000 crores taken from Small Industries
Development Bank of India (SIDBI).
Many of the group companies
have defaulted in repayments of various short and long-term deposits,
inter-corporate deposits, and commercial papers.
Based on the
directions issued by the bankruptcy court, the National Company Law
Tribunal, in October 2018, a new Board of Directors was reconstituted
under the chairmanship of Uday Kotak.
"The new Board has
initiated monetization of number of other assets - including education,
waste management, technology, real estate and key international assets.
Binding financial bids for the assets are expected soon," the company
statement said on Tuesday.
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