ILu0026FS road assets earn Rs 13,000 million
NEW DELHI: The besieged ILu0026FS has received binding financial offers totaling around Rs 13,000 million for 10 road assets in the country of players such as Cube Highways, Edelweiss and National Infrastructure Investment Fund, which provides comfort to the group's sales process where The government was forced to take over last year.
In addition to the above, the ILu0026FS Group entities continue to have rights to receive claims with a gross value in excess of Rs 1.9 billion rupees, filed with several concession authorities regarding these assets, the company said in a statement on Tuesday, a day after the bids were opened.
IL&FS graphic 2 (1)
The combined value of the offers and these claims will help address the accumulated financial debt of Rs 17.7 billion rupees, as of October 2018, in these assets, he added. While the board of ILu0026FS is evaluating these offers in consultation with its advisors, the development occurs at a time when the government increased the pressure for a faster recovery of money.
The board of IL u0026 FS had been replaced last year and has a share of around Rs 91,000 crore and is looking to sell several assets.