Toll Road Creditors agrees Rs 2.70 billion for settlement

04 Jun 2024 CW Team

After no rival proposal was received for the government-backed bad bank's offer in April, the six creditors of Essel Infraprojects' Ludhiana-Talwandi Toll Road (LTTRPL) have approved NARCL's Rs 2.70 billion offer to repay the company's Rs 9.8 billion debt. The purchase, which is probably going to be NARCL's first acquisition of the fiscal year, is now being finalised by lenders through the creation of an assignment agreement. As usual, NARCL's offer is based on a 15:85 structure, with cash accounting for 15% of the consideration and security receipts (assured by the government) to be paid upon recovery. An email asking for comments was not answered by NARCL.

Since no transaction has been completed in April or May thus far this fiscal year, it is quite likely that this one will be the first to be finished. The concession deal, signed by NHAI in March 2012, was for the construction of a 78-kilometer, four-lane section of the National Highway-95 between Ludhiana and Talwandi Bhai in Punjab by September 2014. The agreement was valid for 29 years. However, the loan became non-performing due to project delays.

With a debt of Rs 2.64 billion outstanding, PNB is the primary lender. The Central Bank, Indian Overseas Bank, Bank of Baroda, Canara Bank, and IIFCL are further lenders. At the end of 2018, NARCL has eighteen stressed accounts totaling Rs 925 billion in debt. It is estimated that another 24 accounts aggregating Rs 760 billion are in the pipeline to be acquired in the current fiscal year.

However, progress has been slow since this is the first time such a government-backed bad bank has started operations in India.

Equipment

11 May 2026

ABB Launches IE6 Motor for Hazardous Industrial Areas

ABB has introduced what it claims is the world’s first IE6 Hyper-Efficiency motor certified for hazardous industrial environments under ATEX and IECEx standards.The new Increased Safety motor is based on ABB’s synchronous reluctance (SynRM) technology and is designed without magnets or rare earth materials. According to the company, the motor reduces energy losses by up to 60 per cent compared to standard IE3 induction motors commonly used in hazardous areas.The motor is intended for use in industries such as chemicals, marine, oil and gas, pharmaceuticals and food and beverage, where expl..

Casagrand Launches 41-Acre Highcity Project in Chennai

Casagrand has launched Casagrand Highcity, a 41-acre integrated residential development on Chennai’s Outer Ring Road (ORR), marking the company’s largest residential project to date.The project will comprise over 4,000 two and three BHK apartments across four G+22 towers and is positioned as one of the largest organised residential developments in the ORR corridor.Located along Chennai’s emerging residential and infrastructure growth belt, the project benefits from connectivity to IT hubs including Navalur, Siruseri SIPCOT and Porur, as well as industrial clusters such as Sriperumbudur, ..

Brigade, Marriott Open Courtyard Kochi Infopark

Brigade Hotel Ventures (BHVL) and Marriott International have opened Courtyard by Marriott Kochi Infopark, a rebranded and upgraded hotel formerly operating as Four Points by Sheraton Kochi Infopark.Located in Kakkanad adjoining Infopark Kochi, the 218-room property strengthens Brigade’s hospitality portfolio in one of the city’s key IT and commercial corridors. The hotel is positioned to cater to corporate, MICE and leisure travellers visiting Infopark, SmartCity and other business hubs in Kochi.The property offers flexible workspaces, smart TVs and high-speed WiFi across rooms and suites..