In a large-scale liquidation move, IL&FS has chosen some domestic road projects of its subsidiarity IL&FS Transportation Networks Ltd (ITNL) and also some other properties for sale according to the boards new ‘Progress and the Way Forward’ plan, as reported by TNE.
The sale is flexible and will be available in basket or individual properties, or as an undertaking involving all of the assets and business.
The identified projects include seven annuity-based road projects in various parts of the country totalling lane length of 1,774 km, eight toll-based road projects of around 6,572 lane km, four road projects which are under development totaling 1,738 lane km and three other assets and businesses, which are a Sports Complex in Thiruvananthapuram and EPC and O&M business of ITNL.
“The Board of IL&FS and ITNL are cognisant that these steps are required to advance the process for putting together resolution plan(s) for the IL&FS Group, based on market interest and price discovery for various assets,” said the company.
The company has begun IL&FS Securities Services Ltd, ISSL Settlement & Tron Services, renewable energy assets and luxury cars.