IL&FS receive good response for monetisation process roads projects

Infrastructure Leasing & Financial Services (IL&FS) said Wednesday it has received a strong response to the asset monetisation process of its domestic roads vertical housed under subsidiary IL&FS Transportation Networks Ltd.

More than 30 expressions of interest were received for acquiring the domestic road vertical including domestic EPC and O&M businesses, the company said in a statement.

The company initiated divestment in certain road projects to reduce debt level which at group level is about Rs 91,000 crore.

Initiated on December 18, 2018, the launch is towards developing a resolution plan for the IL&FS group, it said.

Last date for receipt of same was January 8, 2019. Eligibility of the received EOIs is being scrutinsed.

"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," it said.

Any binding transaction for the sale of assets, as well as the resulting resolution plan, will be subject to requisite approvals (including the NCLT) before the transactions are concluded, it said.

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