IL&FS arm gets over 30 bids for 22 as­sets

The Northlines - - BUSINESS -

Debt- rid­den In­fra­struc­ture Leas­ing & Fi­nan­cial Ser­vices

( IL& FS) today said it has re­ceived more than 30 ex­pres­sions of in­ter­est ( EOI) for ac­quir­ing its stakes in its 22 as­sets across its do­mes­tic road ver­ti­cal as a part of its as­set- mon­eti­sa­tion plan. “IL&FS has re­ceived a strong re­sponse to the as­set- mon­eti­sa­tion process for the do­mes­tic roads ver­ti­cal housed un­der its sub­sidiary, IL&FS Trans­porta­tion Net­works. More than 30 ex­pres­sions of in­ter­est were re­ceived for ac­quir­ing IL& FS’ in­ter­ests in its 22 as­sets across its do­mes­tic road ver­ti­cal,” IL& FS Trans­porta­tion Net­works said.

IL&FS group on De­cem­ber 18, 2018 had ini­ti­ated the process for as­set mon­eti­sa­tion. Last date for re­ceipt of EOIS was Jan­uary 8, 2019. “El­i­gi­bil­ity of the re­ceived EOIS is be­ing scru­ti­nised. In­ter­est has been re­ceived from a mix of strate­gic and fi­nan­cial play­ers. Qual­i­fy­ing in­ter­ested bid­ders will then be in­vited to re­view in­for­ma­tion on the busi­ness that would be shared with them, so as to en­able them to sub­mit com­mer­cial bids,” the com­pany added.

IL&FS said any bind­ing trans­ac­tion for the sale of as­sets, as well as the re­sult­ing res­o­lu­tion plan( s), will be sub­ject to req­ui­site ap­provals ( in­clud­ing that of NCLT) be­fore the trans­ac­tions are con­cluded.

The IL&FS group is fac­ing se­ri­ous liq­uid­ity cri­sis and has de­faulted on in­ter­est pay­ment on var­i­ous debt re­pay­ments since Au­gust 27.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.