M&A

M&A

IL&FS transfers 2 more road assets for Rs. 976-Cr to Roadstar InvIT

Economic Times  

Infrastructure Leasing & Financial Services Ltd (IL&FS) has transferred two more road projects - Hazaribagh Ranchi Expressway and Thiruvananthapuram Road Development Company - to Roadstar Infra Investment Trust at an enterprise value of INR 979 crore. Hazaribagh Ranchi Expressway is a BOT (Build, Operate and Transfer) annuity project involving four laning of 73 kilometres of the Hazaribagh-Ranchi stretch of NH33 in Jharkhand with a concession up to FY28. Thiruvananthapuram Road Development Company is also a BOT annuity project involving improvement of 43 kilometres of the city roads in Thiruvananthapuram with concession up to FY32. With this, the lenders of both the assets, including Punjab National Bank, Union Bank, Indian Overseas Bank, Deutsche Bank, JP Morgan and L&T Infra Credit, with a combined debt of over INR 630 crore, will make a 100% recovery through restructuring of their debt. IL&FS, which went under insolvency in September 2018, still has four more road special purpose vehicles (SPVs) with an aggregate enterprise value of INR 5,274 crore.