IL&FS gets NCLT nod for InvIT
The Hindu
Firm proposes to address more than ₹16,000 crore in phases
Scam-hit Infrastructure Leasing & Financial Services (IL&FS) has said it has received approval from National Company Law Tribunal (NCLT) to introduce its phase 1 of Infrastructure Investment Trust (InvIT).
With this approval, six road projects — Barwa Adda Expressway Ltd, Baleshwar Kharagpur Expressway Ltd, Sikar Bikaner Highway Ltd, East Hyderabad Expressway Ltd, Moradabad Bareilly Expressway Ltd and Jharkhand Road Projects Implementation Company Ltd — will be transferred to the newly formed Roadstar Infra Investment Trust under its InvIT Phase 1, basis approvals from authority and the lenders, IL&FS said in a filing with stock exchanges.
“These six road projects Special Purpose Vehicles (SPVs) will be transferred to the InvIT at an aggregate valuation of ₹9,214 crore determined by an independent valuer appointed in accordance with SEBI InvIT Regulations,” it added.
According to BACL, the biophilic-inspired business park will offer smart workspaces within a vibrant public realm. The project’s most exceptional and breathtaking attribute lies in the Urban Forest, a lush oasis in the centre of the development. This green space will serve as a focal point, seamlessly blending indoor and outdoor spaces throughout the area. The upcoming metro station in Airport City will provide seamless connectivity to the business park from the northern side, ensuring convenient accessibility.