Pune-Sholapur Road Restructure Allocates Rs 3.34 billion to Lenders

29 Jul 2024 CW Team

The asset, transferred to Roadstar last year, has been reclassified as a standard asset under the restructuring plan. This plan includes extending the loan period from 2027 to 2032 and issuing non-convertible debentures payable over the next 20 years.

The source indicated that the distribution to lenders occurred earlier this month, with all lenders receiving their respective shares. An additional Rs 870 million is anticipated to be transferred by Roadstar in the coming days, making the total upfront payment to lenders Rs 4.21 billion. Banks are expected to recognize gains from this deal in the quarter ending September.

BoI did not respond to an email requesting comment. Other lenders to PSRDCL include Punjab National Bank, Indian Overseas Bank, UCO Bank, Bank of Baroda, Indian Bank, Canara Bank, Bank of Maharashtra, Union Bank of India, and Punjab & Sind Bank.

The restructuring deal was approved by lenders in September of the previous year, following IL&FS's transfer of PSRDCL to Roadstar in May. However, procedural delays arose due to some lenders requiring approval from the National Highways Authority of India (NHAI) and a re-vote because the new loan tenure extended beyond the project's original period. The source noted that while the deal had been long-awaited, issues such as the loan period exceeding the concession agreement with NHAI by eight months had to be resolved. Roadstar agreed to make an additional Rs 870 million payment to address this concern.

During the finalisation of the restructuring plan, lenders reassessed the project's repayment capacity, factoring in post-COVID traffic conditions on the highway. With the road operational, the company?s debt burden was deemed manageable.

Ten banks, led by Bank of India (BoI), have received Rs 3.34 billion from the toll collections accumulated by the Pune Sholapur Road Development (PSRDCL), which was previously owned by IL&FS. An additional Rs 870 million is expected to be disbursed as part of a restructuring agreement with the new owners, Roadstar Infra Investment Trust (Invit), according to a source familiar with the transaction. The asset, transferred to Roadstar last year, has been reclassified as a standard asset under the restructuring plan. This plan includes extending the loan period from 2027 to 2032 and issuing non-convertible debentures payable over the next 20 years. The source indicated that the distribution to lenders occurred earlier this month, with all lenders receiving their respective shares. An additional Rs 870 million is anticipated to be transferred by Roadstar in the coming days, making the total upfront payment to lenders Rs 4.21 billion. Banks are expected to recognize gains from this deal in the quarter ending September. BoI did not respond to an email requesting comment. Other lenders to PSRDCL include Punjab National Bank, Indian Overseas Bank, UCO Bank, Bank of Baroda, Indian Bank, Canara Bank, Bank of Maharashtra, Union Bank of India, and Punjab & Sind Bank. The restructuring deal was approved by lenders in September of the previous year, following IL&FS's transfer of PSRDCL to Roadstar in May. However, procedural delays arose due to some lenders requiring approval from the National Highways Authority of India (NHAI) and a re-vote because the new loan tenure extended beyond the project's original period. The source noted that while the deal had been long-awaited, issues such as the loan period exceeding the concession agreement with NHAI by eight months had to be resolved. Roadstar agreed to make an additional Rs 870 million payment to address this concern. During the finalisation of the restructuring plan, lenders reassessed the project's repayment capacity, factoring in post-COVID traffic conditions on the highway. With the road operational, the company?s debt burden was deemed manageable.

Infrastructure Urban

05 Nov 2025

TBO Tek Q2 Profit Climbs 12%, Revenue Surges 26% YoY

TBO Tek Limited one of the world’s largest travel distribution platforms, reported a solid performance for Q2 FY26 with a 26 per cent year-on-year increase in revenue to Rs 5.68 billion, reflecting broad-based growth and improving profitability.The company recorded a Gross Transaction Value (GTV) of Rs 8,901 crore, up 12 per cent YoY, driven by strong performance across Europe, MEA, and APAC regions. Adjusted EBITDA before acquisition-related costs stood at Rs 1.04 billion, up 16 per cent YoY, translating into an 18.32 per cent margin compared to 16.56 per cent in Q1 FY26. Profit after tax r..

Infrastructure Energy

05 Nov 2025

Northern Graphite, Rain Carbon Secure R&D Grant for Greener Battery Materials

Northern Graphite Corporation and Rain Carbon Canada Inc, a subsidiary of Rain Carbon Inc, have jointly received up to C$860,000 (€530,000) in funding under the Canada–Germany Collaborative Industrial Research and Development Programme to develop sustainable battery anode materials.The two-year, C$2.2 million project aims to transform natural graphite processing by-products into high-performance, battery-grade anode material (BAM). Supported by the National Research Council of Canada Industrial Research Assistance Programme (NRC IRAP) and Germany’s Federal Ministry for Economic Affairs a..

Infrastructure Urban

05 Nov 2025

Antony Waste Q2 Revenue Jumps 16%; Subsidiary Wins Rs 3,200 Cr WtE Projects

Antony Waste Handling Cell Limited (AWHCL), a leading player in India’s municipal solid waste management sector, announced a 16 per cent year-on-year increase in total operating revenue to Rs 2.33 billion for Q2 FY26. The growth was driven by higher waste volumes, escalated contracts, and strong operational execution.EBITDA rose 18 per cent to Rs 570 million, with margins steady at 21.6 per cent, while profit after tax stood at Rs 173 million, up 13 per cent YoY. Revenue from Municipal Solid Waste Collection and Transportation (MSW C&T) reached Rs 1.605 billion, and MSW Processing re..