Mumbai: IL&FS received R 693 million settlement claims for two road projects from the National Highways Authority of India (NHAI). With the latest development, NHAI and MoRTH have settled the total IL & FS claims of more than R 1804 million over 6 road projects.
In a statement, IL&FS stated that on 31 March 2021, its subsidiary IL&FS Transportation Networks India Limited (ITNL) received due settlement amount of RK 673 million for Kiratpur Ner Chowk Expressway Limited (KNCEL) and 20 million for claims for Chenani Nashri. Tunnelway Limited (CNTL) of NHAI. KNCEL project is excluded under the March 2019 MoRTH guidelines for incomplete or stationary projects. CNTL is a completed project that earns annuities.
Earlier, Fagne Songadh Expressway Ltd (FSEL), a 100 percent subsidiary of ITNL, completed its settlement with NHAI and received a sum of 707 million euros. Other IL & FS projects so far settled by NHAI with the new board under claims and compensation include the Jorabat Shillong Highway (JSEL) (252 million), the Baleshwar Kharagpur Highway (8 million) and ITNL Road Infrastructure Development Company (144 million) established by the Ministry of Road Transport and Highways (MoRTH).
Furthermore, there is a pending settlement of 902 million for the Khed Sinnar Highway Project and 171 million for the Amravati Chikli Highway from NHAI. FSEL, KNCEL and IRIDCL were handed over to the authorities after settlement of claims. BKEL will form part of the InVIT which will include 11 road projects in two phases. Furthermore, the settlement of claims in terms of FSEL, KNCEL, IRIDCL, IL&FS will address a total debt of Rs 3,500 million through NHAI and MoRTH settlements.
IL&FS Group, as part of its debt settlement framework approved by NCLAT, pursues a multiple strategy for its debt assets to address debt. The group plans to form an invitation for twelve road projects, complete unfinished projects according to MoRTH guidelines and earn the balance on the assets from the balance sheet to the highest bid. The company has received approval from Justice Jain to sell JSEL, an amber company, to Sekura Roads Limited (backed by Edelweiss Infrastructure Yield Plus) which is bidding R16 916 million for 100% of the share in the amount of NOK 1600 million offered.
JSEL is a four-lane highway from Jorabat to Shillong on NH-40, connecting Shillong, Mizoram and Tripura with Guwahati. Similarly, Cube Highways & Infrastructure II PTE Limited emerged as the highest bidder, with a bid of 3900 million euros for a 100 percent stake in CNTL, which after completion would address 4.910 million total debt.
Source: Telangana Today