M&A

M&A

IL&FS completes sale of Chandrapur Ballarpur toll road to JV partner in Rs.304-Cr deal

Times of India  

The IL&FS Group has completed the sale of its 35% stake in Warora Chandrapur Ballarpur Toll Road (WCBTRL) to its majority joint venture partner Vishvaraj Infrastructure Limited (VIL). The sale will result in VIL taking over the entire external debt of WCBTRL amounting to INR 306 crore, and providing equity value of over INR 12 crore and settling IL&FS Group dues amounting to INR 6 crore. This will address INR 324 crore of the group's Rs 99,000 crore debt. Lenders to the project - Bank of India, Indian Overseas Bank and India Infrastructure Finance Company Ltd (IIFCL) - have all approved the sale and change in ownership. Post this transaction, Vishvaraj Infrastructure Limited and Diva Media will own 100% of WCBTRL. WCBTRL built a four lane highway project connecting Warora, Chandrapur and Ballarpur traversing along 3 different highways of SH-264, SH-266 and SH-267 in the state of Maharashtra. It has been built under the Design-Build-Finance-Operate-Transfer (Toll) model. The 64 km project, developed at a cost of INR 689 crore, has a concession validity till January 2041 granted by the Public Works Department, Government of Maharashtra.