Infrastructure Leasing & Financial Services (IL&FS) has put its road assets under the IL&FS Transportation Networks Ltd (ITNL) on the block.
On Monday, the company announced it has “initiated the process of exploring the divestment of the IL&FS Group’s equity stake/ interest in road assets/ businesses or an undertaking comprising all the assets/ businesses” through Expression of Interest (EoIs).
A total of 22 road assets and a sports complex are up for sale, all of them from India.
The assets include seven operating annuity based projects having a total length of 1,774 lane km and eight other operational toll based assets with 6,572 lane km.
There are four under construction road projects too on the block, with an aggregate of 1,736 lane km when ready. Apart from these, three engineering, procurement & construction and operation & maintenance businesses of ITNL and a sports complex in Thiruvananthapuram will also be divested.
The sale of these businesses or assets may be done either as a bunch or even individually.
Meanwhile, ITNL has defaulted in payment of interest due of Rs 3,37,44,795 on non-convertible debentures.
Earlier this month, DNA Money had reported that despite investor interest, the sale of road projects is going to be a complex task for the crisis-hit group, which is monetising its assets to get out of the financial mess.
ITNL has a debt of around Rs 28,000 crore and 31 road assets, including projects that are ready, under construction and those which have been awarded but work is yet to commence.
In the last two months, the group has already put IL&FS Securities Services Ltd and ISSL Settlement & Transaction Services Ltd on the block for which it received over a dozen bids. This was followed by EoIs being called for renewable energy assets.
Last week, the company has put up notice to sell 36 luxury cars like Audi, Mercedes Benz, Honda, Land Rover, BMW, Jaguar, Toyota and Skoda.
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