MEDIA Releases

IL&FS Group has discharged an aggregate debt of approx. Rs 35,650 crore by way of monetization of assets, auto debits by banks and debt repayment (including interim distribution) across entities as of September 30, 2023. The Group has also completed an aggregate payment of approx. Rs 10,000 crore by way of interim distribution across 14 companies - including 2 vertical holding companies (ITNL and IFIN) and the Group holding company (IL&FS Limited).

IL&FS Group has completed an Interim Distribution pay-out of Rs 920 crore in Chenani Nashri Tunnelway Limited (CNTL), a subsidiary of IL&FS Transportation Network Limited (ITNL), an IL&FS Group company. As part of this Interim Distribution, IL&FS Group has paid a total of Rs 920 crore to eligible senior secured creditors of CNTL. The interim distribution has been made ahead of the proposed debt restructuring of CNTL and will be followed by the contemplated transfer of the company to the InvIT - subject to the outcome of pending legal proceedings and requisite approvals.

IL&FS Group has initiated its largest Interim Distribution pay-out till date - in IL&FS Financial Services Limited (IFIN), an IL&FS Group company. As part of the interim distribution, IL&FS Group will be paying a total of Rs 3,200 crore to IFIN eligible creditors, that is being distributed in accordance with the NCLAT approved Revised Distribution Framework. Of the total of Rs 3,200 crore – approx. Rs 2,250 crore is being paid to a combination of 28 PSU, Private and Foreign banks and approx. Rs 950 crore to over 500 public debenture holders, public funds (including EPFO, Army Group Insurance etc) and others. This is the first interim distribution that will be completed for a vertical holding company under the IL&FS Group.

IL&FS has completed Interim Distribution pay-out for Rapid MetroRail Gurgaon South Limited (RMGSL), an IL&FS Group company. The Group has paid a total of Rs 1,273 crore, of which Rs 1,252 crore has been paid to the secured financial creditors, for RMGSL. The total claims of secured financial creditors –including Canara Bank, Union Bank, Central Bank, Punjab & Sind Bank and India International Finance Company Limited (UK) – in RMGSL was Rs 1,546 crore..

IL&FS has commenced Interim Distribution pay-out with Rapid Metro Gurgaon Rail Ltd (RMGL), an IL&FS Group company. The Group has completed distribution of Rs 623.38 Crores, on an interim basis, to the secured lenders/secured financial creditors of RMGL comprising Union Bank of India, Bank of India, Indian Bank, Punjab & Sind Bank, UCO Bank, Bank of Baroda, Punjab National Bank and Indian Overseas Bank. The total claims of these lenders was Rs 715 Crores. This distribution on an interim basis, thus, translates in a recovery of around 83 per cent to these creditors.

IL&FS Group has completed two sale transactions under its Energy business portfolio – Urjankur Shree Tatyasaheb Kore Warana Power Company Limited (Urjankur Warana) and IL&FS Energy Development Company Limited (IEDCL) Energy Advisory Business division– at an aggregate consideration of Rs 77.5 crore. With this transaction, IL&FS group has sold its 33.33 per cent stake in Urjankur Warana and its 27.75 per cent stake in Urjankur Nidhi Trust to HSF at an aggregate consideration of Rs 62.5 crore. IL&FS has now exited both these entities completely. In the second transaction, IL&FS Group has also concluded the sale of its Energy Advisory business, a division of IEDCL, to PTC India Limited using the Swiss Challenge method. PTC emerged as the highest bidder in the process and the sale was completed on July 26, 2022, at a consideration of approx. Rs 15 crore duly received by IL&FS. This sale has been approved by NCLT.

Rs 21,000 crore of debt discharged by way of monetisation of assets and debt repayment – largely to public sector lenders. Group has nearly Rs 20,000 crore of cash and InvIT unit balance - this includes Rs 16,000 crore to be distributed to creditors by way of interim distribution post judicial approval. Resolution of Rs 14,000 crore filed with courts - of which Rs 7,500 crore has been approved and transaction closure is underway. Mr Uday Kotak’s term as Chairman, IL&FS, ends on April 2, 2022. Mr CS Rajan, Managing Director, IL&FS has been appointed Chairman and Managing Director of IL&FS for a period of six months wef April 3, 2022 by the Ministry of Corporate Affairs, Government of India.

IL&FS Group has completed sale of its 35 per cent stake in Warora Chandrapur Ballarpur Toll Road Limited (WCBTRL) to its majority joint venture partner Vishvaraj Infrastructure Limited (VIL). The sale entails VIL taking over entire external debt of WCBTRL amounting to 306 crore, providing equity value of over Rs 12 crore and settling IL&FS Group dues amounting to Rs 6 crore – thereby resolving Rs 324 crore from the overall IL&FS Group debt of approx. Rs 99,000 crore, as of October 2018. The Group had already received requisite approvals from the ITNL CoC, Supreme Court Justice (retd) D K Jain and Hon’ble NCLT to complete the transaction.

The IL&FS Group has completed sale of its 26 per cent stake in ONGC Tripura Power Company (OTPC) to Gas Authority of India Limited (GAIL) at an aggregate valuation of Rs 1,227 crore. With this transaction, IL&FS has resolved a debt of approx. Rs 3,656 crore - that formed part of the overall Group debt of approx. Rs 99,000 crore, as of October 2018. IL&FS Group held its 26 per cent stake in OTPC in two subsidiaries – approx. 12 per cent held by IL&FS Energy Development Company Ltd (IEDCL) and 14 per cent held by IL&FS Financial Services Ltd (IFIN). The Group has duly received an aggregate sum of Rs 319 crore for its 26 per cent stake from GAIL in the two companies thereby closing this stake sale transaction.