+
IFCI initiates sale of Barwa Adda Expressway project loan
ROADS & HIGHWAYS

IFCI initiates sale of Barwa Adda Expressway project loan

IFCI is in the process of selling a rupee term loan associated with the Barwa Adda Expressway project, with the aim of recovering 45% of the debt. The lender has offered the Rs 2.90 billion debt for sale, setting a reserve price of Rs 1.30 billion based on a binding offer from Asset Care & Reconstruction Enterprise Limited (ACRE) ARC. This cash-based offer is supported by Neo Asset Management.

Currently, three potential buyers are competing for the debt, including Prudent ARC and Asset Reconstruction Company India (ARCIL), in addition to ACRE ARC with Neo Asset Management. Prudent ARC and ARCIL have submitted expressions of interest and are currently conducting due diligence. They may choose to submit a binding offer during the Swiss Challenge process.

IFCI intends to proceed with the auction, building on ACRE ARC's existing offer along with Neo Asset Management. As the anchor bidder, IFCI will have the opportunity to match the highest bid. Two bidders expressed their interest on August 31, and the Swiss auction is scheduled for September 21.

Spokespeople for IFCI, ACRE ARC, and ARCIL did not provide immediate responses, while Neo Asset Management, Prudent ARC, and IL&FS declined to comment.

The Barwa Adda Expressway project is responsible for the development, maintenance, and administration of the six-lane Barwa Adda to Panagarh section of NH-2, including the construction of the Panagarh Bypass, in Jharkhand and West Bengal. This project falls under Phase V of the National Highways Development Plan, as detailed on the IL&FS website.

The Barwa Adda Expressway, holding a total of Rs 12.69 billion in senior loans, is currently embroiled in a dispute among lenders, which has caused delays in the resolution process.

IFCI is in the process of selling a rupee term loan associated with the Barwa Adda Expressway project, with the aim of recovering 45% of the debt. The lender has offered the Rs 2.90 billion debt for sale, setting a reserve price of Rs 1.30 billion based on a binding offer from Asset Care & Reconstruction Enterprise Limited (ACRE) ARC. This cash-based offer is supported by Neo Asset Management.Currently, three potential buyers are competing for the debt, including Prudent ARC and Asset Reconstruction Company India (ARCIL), in addition to ACRE ARC with Neo Asset Management. Prudent ARC and ARCIL have submitted expressions of interest and are currently conducting due diligence. They may choose to submit a binding offer during the Swiss Challenge process.IFCI intends to proceed with the auction, building on ACRE ARC's existing offer along with Neo Asset Management. As the anchor bidder, IFCI will have the opportunity to match the highest bid. Two bidders expressed their interest on August 31, and the Swiss auction is scheduled for September 21.Spokespeople for IFCI, ACRE ARC, and ARCIL did not provide immediate responses, while Neo Asset Management, Prudent ARC, and IL&FS declined to comment.The Barwa Adda Expressway project is responsible for the development, maintenance, and administration of the six-lane Barwa Adda to Panagarh section of NH-2, including the construction of the Panagarh Bypass, in Jharkhand and West Bengal. This project falls under Phase V of the National Highways Development Plan, as detailed on the IL&FS website.The Barwa Adda Expressway, holding a total of Rs 12.69 billion in senior loans, is currently embroiled in a dispute among lenders, which has caused delays in the resolution process.

Related Stories

Gold Stories

Next Story
Infrastructure Transport

MMRDA Targets Completion of Projects by December 2028

The Mumbai Metropolitan Region Development Authority (MMRDA) is targeting the completion of all its ongoing infrastructure projects by December 2028, a year ahead of its December 2029 deadline, Metropolitan Commissioner Dr Sanjay Mukherjee has said.Speaking at the sixth edition of the Real Estate & Infrastructure Investors' Summit (REIIS) 2026 in Mumbai, Mukherjee said the authority was developing an integrated network of roads, tunnels, sea links and Metro corridors under its broader vision of “Mumbai in 59 Minutes”.The objective is to improve east-west and north-south connectivity an..

Next Story
Building Material

High-Performance Façades Gain Ground in Indian Buildings

High-performance façades are gaining greater importance in Indian architecture as developers and architects increasingly focus on energy efficiency, thermal comfort and building performance, according to Shankar Fenestrations & Glasses.The company said modern façade systems are increasingly being considered as part of a building's overall performance strategy rather than being used primarily as aesthetic elements.High-performance glass, curtain wall systems and structural glazing can contribute to thermal regulation, solar control, daylight management and indoor comfort. Their growing ad..

Next Story
Technology

SPML Infra's 104.4 kWh BESS Battery Pack Clears Global Tests

SPML Infra has announced that its proprietary 104.4 kWh Battery Energy Storage System (BESS) battery pack has completed key international safety, performance and transportation testing and certification requirements, marking a step towards its commercial deployment.Developed under the company's own intellectual property, the battery pack has completed requirements under UL9540A, IEC 62619, IEC 63056, IEC 60730, IEC 61000-6-2, IEC 61000-6-4 and UN38.3 standards.The testing covers areas including thermal runaway safety, battery performance, system functional safety, electromagnetic compatibility..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code