IL&FS Group, on Wednesday, said, it has received a strong response with more than 30 expressions of interest for its domestic roads business housed under its subsidiary, IL&FS Transportation Networks Limited (ITNL). On December 17 last year, IL&FS had invited expressions of interest for 19 of its road projects, four of which are still under construction, seven annuity projects and eight toll road projects. The last date for submission of bids was January 8, 2018.
FE had reported on November 23 that Lone Star Funds and Cube Highways had already made offers to purchase ITNL’s road projects while the previous management was still in charge of the company. Subsequently, the government-appointed board cancelled all agreements and launched a bid process for the assets.
According to sources, a host of companies as well as road and infrastructure investment platforms have evinced interest in purchasing ITNL’s road projects. A statement by IL&FS said that the bids are currently being scrutinised and that it has received interest from a mix of strategic and financial players. After the scrutiny is over, qualifying interested bidders will then be invited to review information on the assets which will be shared with them so as to enable them to submit commercial bids. IL&FS said the objective of the new government-appointed board is to achieve the resolution of the ongoing crisis through certain measures, including divestiture of assets.