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.

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..