IL&FS group reduces ITPCL's debt by Rs 21.5 billion

04 Oct 2023 CW Team

IL&FS Group has successfully repaid Rs 21.5 billion to senior secured lenders of IL&FS Tamil Nadu Power Company (ITPCL), including major banks like Punjab National Bank, Bank of India, and Union Bank. This payment encompasses both the principal debt and accrued interest up to September 30.

This repayment is a pivotal part of a debt restructuring plan that received approval from 88% of lenders. The initiative significantly slashed ITPCL's outstanding principal by over Rs 19 billion. As per the sanctioned plan, ITPCL's debt underwent restructuring based on the prudential framework for resolving stressed assets. The debt was categorised into a sustainable portion of Rs 42.5 billion and an unsustainable portion, including operational creditors.

These strategic moves are geared towards securing the long-term viability of the company. Prior to this repayment, ITPCL's total debt amounted to Rs 91.16 billion.

The recent repayment of sustainable debt, totalling Rs 21.5 billion, consisted of Rs 19billion in principal and Rs 2.5 billion in interests. IL&FS adheres to a revised distribution framework approved by the National Company Law Appellate Tribunal (NCLAT) in May 2022. This framework allows for interim disbursement of funds to eligible creditors, especially public funds, without waiting for the final resolution of the concerned IL&FS entity.

Additionally, IL&FS is in the advanced stages of obtaining approvals from a select group of lenders for the disbursement of an additional Rs 3 billion. The IL&FS board maintains its resolution estimate at Rs 610 billion, representing 62% of the total debt, encompassing both fund-based and non-fund-based components, which amounted to over Rs 990 billion as of October 2018.

Technology

29 Jul 2026

AI-Enabled Workflows Lift Profitability and Productivity

Organisations modernising frontline workflows with artificial intelligence, automation and real-time data are reporting stronger financial performance, higher productivity and improved employee engagement, according to a global study by Zebra Technologies and Oxford Economics.The research covered 1,000 senior leaders across retail, manufacturing, transportation and logistics in the US, Mexico, the UK, Germany, India, Japan, Australia and New Zealand.In transportation and logistics, 54 per cent of companies that improved picking and packing operations reported faster operational performance, wh..

India Leads Global AI Readiness but Implementation Lags

Indian companies lead global averages across all eight artificial intelligence readiness indicators tracked by JLL, but only 19 per cent have started making changes to their workplaces, according to the JLL 2026 Future of Work Survey.The study found that 77 per cent of Indian business leaders expect AI to change their office requirements, creating a 58-percentage-point gap between awareness and implementation. The survey covered more than 2,200 CEOs, CFOs and real estate leaders across 21 countries during the first quarter of 2026.Despite concerns over automation, 58 per cent of Indian leaders..

Three WOLFF Cranes Build Riyadh Cable-Stayed Bridges

Three WOLFF 180 B luffing jib cranes are supporting the construction of two cable-stayed bridges alongside the existing Wadi Laban Bridge in Riyadh, Saudi Arabia. The project is being developed for the Royal Commission for Riyadh City and executed by the ICRC joint venture comprising IC Ictas and Al Rashid Trading & Contracting Company.The cranes are handling lifting operations including formwork, reinforcement, concrete placement, work platforms, surveying equipment and other construction materials. Each crane is fitted with a 40 m jib, reaches a hook height of 157 m and offers a maximum ..