IFCI initiates sale of Barwa Adda Expressway project loan

07 Sep 2023 CW Team

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.

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