Crisis-hit infrastructure lender IL&FS has begun the process of selling its corporate home in Mumbai's Bandra-Kurla Complex, inviting bids for the prime 10-storey property that had heralded the suburb's emergence as the Maximum City's new central business district at the expense of Nariman Point. The company hasn't set any reserve price for the asset, said two industry sources with direct knowledge of the development.
GAIL has initiated preliminary talks with beleaguered infrastructure financier IL&FS and US-based infrastructure investment fund Global Infrastructure Partners (GIP) to pick up at least 49% stake in ONGC Tripura Power Company (OTPC) at a valuation of ₹1,500 crore, two people aware of the development told ET. PwC India is advising GAIL, India’s largest state-owned natural gas processing and distribution company, on the deal to acquire the stake in the gas-base power plant. If successful, the deal will give GAIL rights equal to Oil and Natural Gas Corporation (ONGC), which is the 50% owner.
GAIL has initiated preliminary talks with beleaguered infrastructure financier IL&FS and US-based infrastructure in-vestment fund Global Infrastructure Partners (GIP) to pick up at least 49% stake in ONGC Tripura Power Company (OTPC) at a valuation of Rs 1,500 crore, two people aware of the development told ET. PwC India is advising GAIL, India's largest state-owned natural gas processing and distribution company, on the deal to acquire the stake in the gas-based power plant. If successful, the deal will give GAIL rights equal to Oil and Natural Gas Corporation (ONGC), which is the 50% owner. IL&FS holds 26% in the power plant, while GIP has a 23.5% stake. The remaining 0.5% is owned by the Tripura state government.
THE GOVERNMENT has allowed Uday Kotak, MD and CEO of Kotak Mahindra Bank, to continue on the board of troubled infra lender IL&FS for one more year till October 2, 2021. This is the second extension for Kotak to continue on the IL&FS board.
AS the IL&FS issues are still pending to be resolved, the Centre on Wednesday has extended the tenure of Uday Kotak as Chairman of IL&FS for one more year, till October 2, 2021. In the year 2018, the Centre had dissolved the fraud-hit IL&FS crisis and had restructured board of the company with Uday Kotak as the chairman of the company.
The government on Wednesday extended the term of Uday Kotak as non-executive chairman of debt-ridden IL&FS group by one year. The government through a gazatte notification extended term of Kotak, who is managing director and chief executive officer of Kotak Mahindra Bank, till October 2, 2021.
Markets regulator Securities and Exchange Board of India (Sebi) on Tuesday enhanced the penalty amount to Rs 1 crore each on ICRA and CARE Ratings in connection with lapses on their part while assigning credit rating to non-convertible debentures of IL&FS. The crisis at diversified IL&FS, the board of which was superseded by the government, came to light in September 2018 and since then, the company, as well as related entities, has come under regulatory lens. The regulator, in December 2019, had imposed a fine of Rs 25 lakh each ICRA and CARE in the matter, saying the default by IL&FS occurred because of the "lethargic indifference and needless procrastination and laxity" of these rating agencies.
Ahmedabad Municipal Corporation's (AMC) health department sealed two sites, imposed fine of Rs 2.60 lakh and issued 18 notices to different construction agencies, including Metro Rail project, IL&FS, L&T Construction Limited and Tata Project Limited, for failing to take steps to control mosquito breeding.
The capital market regulator has given its nod to IL&FS to set up an infrastructure investment trust (InvIT) that would take over at least 10 road projects of the troubled infrastructure financier and help it resolve debt of nearly Rs13,000 crore. Units of the proposed InvIT will be distributed among key lenders including State Bank of India, Punjab National Bank, Canara Bank, Bank of India and Indian Overseas Bank, people familiar with the development said. The group is expected to start the process of setting up a sponsor company for the InvIT under its subsidiary IL&FS Transportation Networks by the end of this month.
THE IL&FS Group on Wednesday completed the sale of a 73.69% stake in its education business, held under Schoolnet India (SIL), to Falafal Technologies (FTPL), reports fe Bureau in Mumbai. The transaction provides a positive equity value to IL&FS and resolves nearly Rs 650 crore of consolidated fund-based and non-fund based financial debt, without any haircut to lenders, the company said.