Infrastructure financier and asset owner Infrastructure Leasing and Financial Service (IL&FS) has received binding bids of Rs. 13,000 crore for its domestic road assets, the company said in a statement. The group has launched an asset sale programme that will enable it to stave off a looming default of up to ₹1 trillion.
IL&FS has received binding financial offers aggregating close to Rs. 13,000 crore for ten domestic road assets. These bids were opened on September 9, 2019. n addition to the above, IL&FS Group entities continue to hold rights to receive claims with gross value exceeding ₹1,900 crore, filed with various concession authorities in respect of these assets, the company said.
The combined value of bids and these claims will help address the cumulative financial debt of Rs. 17,700 crore, as of October 2018, in these assets. The statement added that the IL&FS board is evaluating these offers in consultation with its advisors.
The board of directors at IL&FS has initiated monetization of number of other assets – including education, waste management, technology, real estate and key international assets. Binding financial bids for the assets are expected soon, the statement said.