Insta
Cash Strapped Infrastructure Major IL&FS Set To Receive Rs 700 Crores Boost From NHAI As It Looks To Shed Debt Woes
IL&FS headquarters at the Bandra Kurla Complex in Mumbai (Sumedh Kadoo/Wikimedia Commons)
In some welcome news for the beleaguered infrastructure major IL&FS, the company is set to receive Rs 700 crores from the National Highways Authority of India (NHAI). This sum is being paid in lieu of a road project undertaken by the road development subsidiary of the infrastructure major in Maharashtra.
The payment from NHAI could not have come at a better time for IL&FS as reports have emerged that the company defaulted on the interest payment due on its non-convertible debentures. This default also comes on top of reports which state that the infrastructure major is behind on payments relating to commercial paper worth Rs 300 crores and on inter-corporate deposits worth Rs 450 crores.
The infrastructure major had already received a settlement of Rs. 425 crores from the NHAI earlier in the month and is in the process of monetising 14 of its road projects. It is expected that the infrastructure company would conclude the sale of seven of these assets before the end of October as it looks at asset sales to minimise its debt liability.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
