NCLT Approves IL&FS to Offload Shares in Expressway Project

21 May 2024 CW Team

The National Company Law Tribunal (NCLT) has given the green light to IL&FS Transportation Networks Ltd (ITNL) to transfer its shares in the Moradabad Bareilly Expressway Ltd (MBEL) to the newly formed Roadstar Infra Investment Trust (InvIT). This move involves transferring 3.21 crore equity shares, representing 14.5% of ITNL's stake in MBEL, thus aiding IL&FS in its ongoing debt resolution process.

This approval marks a significant step in IL&FS's efforts to address its substantial debt, as the transfer allows MBEL to start servicing its debt obligations, moving away from the debt servicing moratorium extended to IL&FS Group companies. The transaction is part of a broader strategy by IL&FS to resolve over ?16,000 crore in debt through its InvIT in multiple phases.

The first phase of the InvIT involves the transfer of six road projects: Barwa Adda Expressway, Baleshwar Kharagpur Expressway, Sikar Bikaner Highway, East Hyderabad Expressway, Moradabad Bareilly Expressway, and Jharkhand Road Projects Implementation Company. This phase has been approved by the relevant authorities and lenders, promising improved recovery for creditors.

With a valuation of ?92.14 billion for these projects, the InvIT aims to provide substantial value to initial unit holders, primarily the lenders of the group. State Bank of India, Punjab National Bank, Canara Bank, Bank of India, and Indian Overseas Bank are among the key beneficiaries. The final registration from SEBI has been secured, and all necessary constituents for forming the InvIT are in place, positioning it as a strong player in India's infrastructure sector.

Infrastructure Urban

15 Sep 2025

Adani Road to Acquire D P Jain TOT Toll Roads for Rs 13.42B

Adani Road Transport Limited (ARTL), a wholly owned subsidiary of Adani Enterprises, has executed a Share Purchase Agreement (SPA) on 11 September 2025 to acquire a 100 per cent stake in D P Jain TOT Toll Roads Private Limited (DPJTOT). The acquisition, valued at an enterprise value not exceeding Rs 13.42 billion, is subject to regulatory approvals and customary conditions.Under the agreement, ARTL will acquire the stake from D P Jain TOT Toll Roads Pvt. Ltd (DPJTOT), D P Jain & Co Infrastructure Pvt. Ltd., and DPJ-DRA Tollways Pvt. Ltd.The transaction details have been disclosed pursuant ..

All-Women Team Commissions 100-Tonne Dump Truck at Tata Steel

In a record-setting development in India’s mining and construction equipment sector, an all-women team from Larsen & Toubro’s Construction & Mining Machinery business (L&T CMB) has commissioned a 100-tonne dump truck at Tata Steel’s Noamundi iron ore mine in Jharkhand.This marks the first instance in India where a machine of such scale and complexity has been assembled, tested and commissioned entirely by women technicians. The milestone reflects L&T’s commitment to fostering gender inclusivity and empowering women in traditionally male-dominated industries.The Komatsu ..

Kochi Metro Pauses Work for Rs 50 Million Pipeline Shift

Kochi Metro Rail Limited (KMRL) will pause its piling works in the Padamugal and Vazhakkala regions for ten days to allow the Kerala Water Authority (KWA) to complete its pipeline relocation work.The decision follows frequent pipe bursts in the area and disruptions to water supply in Thrikkakara municipality.During this period, the KWA will carry out pipeline relocation from Kunnumpuram to Kumaranasan Road. KMRL will resume piling work only after the pipeline has been relocated and tested.The decision was made during a meeting between KMRL and KWA to address the recurring pipe burst issues in ..