INSUBCONTINENT EXCLUSIVE:
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
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.
