IL&FS paid compensation of Rs 891cr by NHAI

09 Jun 2022 CW Team

The National Highways Authority of India (NHAI) paid more than Rs 891 crore to Infrastructure Leasing & Financial Services (IL&FS), a non-banking finance company as compensation for the termination of Khed-Sinnar Expressway road project that is part of the Delhi-Mumbai industrial corridor.

The termination compensation is paid in addition to the Rs 90 crore collected by the company in the form of toll from the 80% completed project in the last two years.

IL&FS now gets Rs 980 crore to compensate its various liabilities due in the project. The total debt of Khed-Sinnar Expressway addressed with the compensation is Rs 1,400 crore and the project will be handed over to NHAI.

The project was awarded to IL&FS Transportation Networks Ltd (ITNL) in 2013 having a 20-year concession ending in 2033. The key lenders to this project are IDBI, IFCL, and Yes Bank.

National Highway-50’s Khed-Sinnar section is a 138 km part of the Delhi-Mumbai Industrial corridor. It is considered a crucial highway project passing via major towns.

IL&FS currently has claims of about Rs 3,200 crore from NHAI and the Ministry of Road Transport and Highways and around Rs 2,700 crore is received, while additional Rs 500 crore is in the final stages of settlement. The entire sum of Rs 3,200 crore forms a part of the Rs 55,000 crore which was resolved by IL&FS as per the last updates.

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Also read: New players bags govt-funded national highway projects

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