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.

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..