IL&FS Gets Company Law Tribunal's Okay To Launch Infrastructure Investment Trust
Troubled Infrastructure Leasing and Financial Services (IL&FS) has received the approval to launch the first phase of its infrastructure investment trust InvIT. It had received the clearance from the National Company Law Tribunal (NCLT) on October 30.
In a statement issued by it, the company said that the InvIT named Roadstar Infra Investment Trust, will get six road projects under the first phase.
These will be Barwa Adda Expressway, Baleshwar Kharagpur Expressway, Sikar Bikaner Highway, East Hyderabad Expressway, Moradabad Bareilly Expressway and Jharkhand Road Projects Implementation Company.
The special purpose vehicles (SPVs) for these six road projects will be transferred to the InvIT at an aggregate valuation of Rs 9,214 crore.
This value will be determined by an independent valuer appointed as per the Securities and Exchange Board of India's (SEBI) InvIT regulations, the statement said further.
On transfer to the InvIT, these six SPVs would move away from debt servicing moratorium extended to the IL&FS Group companies and will start servicing their debt, resulting in resolution, the release said.
IL&FS proposes to address more than Rs 16,000 crore through InvIT in phases. It will be adding additional five road assets in phase 2, on receipt of applicable approvals, it said.
