+
NCLT Approves IL&FS to Offload Shares in Expressway Project
ROADS & HIGHWAYS

NCLT Approves IL&FS to Offload Shares in Expressway Project

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.

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.

Next Story
Technology

Six ways a smarter workflow leads to faster, more accurate bids

In today’s fast-paced civil construction environment, estimators need more than just solid numbers. They need smart, streamlined processes. This article explores six key ways connected workflows can transform the estimated approach, help in minimising risk, move faster, and improve accuracy. By integrating tools, data, and teams, one can produce stronger bids with less rework, fewer surprises, and more confidence. As an estimator, the job goes beyond producing numbers. They are responsible for delivering bids that are fast, accurate, and built to win. In today’s civil construction ind..

Next Story
Real Estate

Experion Launches Women-Only Co-Living Project in Greater Noida

Experion, part of Singapore-based AT Capital Group, has launched its first co-living space under its managed rental housing brand, VLIV, in Greater Noida. The all-women residence features 730 twin-sharing beds with a strong focus on safety, comfort, and well-being. VLIV has committed a $300 million investment to create a structured, service-led rental housing ecosystem in India. The brand aims to scale up to 20,000 beds in the next few years, with a long-term target of 100,000 beds nationwide. “India’s rental housing is fragmented. VLIV is our way of building long-term, dependabl..

Next Story
Infrastructure Urban

Officine Maccaferri Acquires CPT to Bolster Tunnelling Tech

Ambienta’s platform company, Officine Maccaferri S.p.A., has acquired CPT Group, a leading Italian developer of robotic prefabrication systems and digital control technologies for mechanised tunnelling. The move positions Maccaferri as a global player in integrated tunnelling solutions, blending traditional and advanced mechanised systems. Based in Nova Milanese, CPT serves major global contractors across Europe, Southeast Asia, and Australia. The company offers robotic prefabrication (Robofactory), productivity-monitoring software for Tunnel Boring Machines (TBMs), and eco-designed spa..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?