IL&FS will introduce the very first phase of its facilities financial investment trust with six highway projectsTroubled Infrastructure Leasing and Financial Services (IL&FS) has actually received the approval to introduce the very first stage of its facilities investment trust InvIT.
It had actually received the clearance from the National Company Law Tribunal (NCLT) on October 30.
In a statement provided by it, the company stated that the InvIT called Roadstar Infra Financial investment Trust, will get six road projects under the first phase.These will be Barwa Adda Expressway, Baleshwar Kharagpur Expressway, Sikar Bikaner Highway, East Hyderabad Expressway, Moradabad Bareilly Expressway and Jharkhand Road Projects Implementation Company.The unique purpose lorries (SPVs) for these six roadway jobs will be moved to the InvIT at an aggregate evaluation of Rs 9,214 crore.This value will be determined by an independent valuer selected as per the Securities and Exchange Board of India's (SEBI) InvIT regulations, the statement stated further.On transfer to the InvIT, these 6 SPVs would move far from financial obligation servicing moratorium extended to the IL&FS Group business and will begin servicing their debt, leading to resolution, the release said.IL-& FS proposes to resolve more than Rs 16,000 crore through InvIT in phases.
It will be including extra five road possessions in stage 2, on invoice of relevant approvals, it stated.