INSUBCONTINENT EXCLUSIVE:
Mumbai: The IL-FS Group is looking to sell its stakes in Gujarat International Finance Tec-City (Gift City) and some Chinese road assets
shareholders on Tuesday that measures taken up by the new board would result in resolving half its total outstanding debt as on September
30, 2018.
The government had superseded the board of IL-FS with its own nominees in October 2018, after the group, with debt of close to Rs
other businesses, high level of debt and diverse nature and type of creditors at various levels of the group, represent a very unique
the progress made at the group through the resolution process.
The IL-FS board has received binding bids for Chinese road asset that will
help it resolve nearly Rs 1,600 crore of debt
As per the proposal, it would also receive an additional Rs 980 crore towards its equity holding.
In addition, it is close to resolving five
road assets with combined financial debt of Rs 9,500 crore
These resolution proposals have been referred to the respective creditor committees for the next steps, Kodak said
It is also setting up an Infrastructure Investment Trust for nine road assets with total financial debt of more than Rs 11,000 crore.
To
It is selling also groupwide real estate assets worth around Rs 3,500 crore
The group has so far stakes in seven special purpose vehicles that housed wind power assets for nearly Rs 4,300 crore, covering 100 per cent
of the entity-level debt and including equity value of nearly Rs 590 crore.
Kodak said more than 40 companies in the group were regularly
servicing debt of nearly Rs 7,200 crore
The group has reduced its wage bill by 48 per cent and operating expenses by 42 per cent, on an annualised basis, in the one year since
