Debt-ridden Infrastructure Leasing and Financial Services (IL&FS) in a release said it has received approval from National Company Law Tribunal (NCLT) for launching phase I of its Infrastructure Investment Trust (InvIT) on October 30.
The new InvIT, Roadstar Infra Investment Trust, will get six road projects under Phase I — Barwa Adda Expressway, Baleshwar Kharagpur Expressway, Sikar Bikaner Highway, East Hyderabad Expressway, Moradabad Bareilly Expressway and Jharkhand Road Projects Implementation Company, the group release added.
These six road projects' special purpose vehicles (SPVs) will be transferred to the InvIT at an aggregate valuation of Rs 9,214 crore — determined by an independent valuer appointed in accordance with the Securities and Exchange Board’s InvIT regulations, it added.
On transfer to the InvIT, these six SPVs would move away from debt servicing moratorium extended to the IL&FS Group companies and will start servicing their debt, resulting in resolution, the release said.
IL&FS proposes to address more than Rs 16,000 crore through InvIT in phases. It will be adding additional five road assets in phase 2, on receipt of applicable approvals, it said.
Copyright © e-Eighteen.com Ltd All rights resderved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express writtern permission of moneycontrol.com is prohibited.
