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.
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