14 Nov 2022
IL&FS COMMENCES INTERIM DISTRIBUTION PAYOUT
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.
28 Jul 2022
IL&FS COMPLETES TWO SALE TRANSACTIONS UNDER ITS ENERGY BUSINESS
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.
29 Mar 2022
IL&FS ADDRESSES RS 55,000 CRORE DEBT, AGGREGATE RESOLUTION ESTIMATE STANDS AT RS 61,000 CRORE
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
4 Feb 2022
IL&FS COMPLETES STAKE SALE IN WARORA CHANDRAPUR HIGHWAY, RESOLVES RS 324 CRORE GROUP DEBT
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.
4 Jan 2022
IL&FS COMPLETES STAKE SALE IN OTPC TO GAIL, RESOLVES RS 3,656 CRORE DEBT
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.
25 Nov 2021
IL&FS COMPLETES STAKE SALE IN TERRACIS TECHNOLOGIES LIMITED, RESOLVES APPROX RS 1,275 CRORE DEBT, EXITS TECHNOLOGY BUSINESS
The IL&FS Group has completed sale of its 52.26 per cent stake in Terracis Technologies Limited (TTL) to Falcon SG Holdings, (Philippines) Inc (Falcon SG). With this stake sale, IL&FS has resolved approx. Rs 1,275 crore of
its Group debt and completely exited the technology business. This is an equity positive transaction wherein the entire debt has been taken over by the new promoter. Apart from some foreign banks and institutions, State Bank of
India, Axis Bank and Indian Bank were key Indian lenders to the company.
24 Nov 2021
IL&FS COMPLETES STAKE SALE IN PRIME TERMINALS FZC, RESOLVES RS 757 CRORE DEBT
The IL&FS Group has completed the sale of its 71.84 per cent stake in IL&FS Prime Terminals FZC (“IPTF”) to VTTI Terminal I BV (“VTTI”). Sale of IPTF has successfully resolved IL&FS Group debt outstanding to the tune of
Rs 757.79 crore through this transaction. IL&FS stake in Prime Terminals FZC was held through IL&FS Maritime Infrastructure Company Limited (“IMICL”). VTTI has acquired this state-of-the art energy storage terminal situated
in Fujairah from IMICL and other shareholders. VTTI will now own 90 per cent of the terminal, while the other 10 per cent will remain with the Fujairah Government. This acquisition of the 333,484 m3 terminal will help the company
to expand its long-established position in the Port of Fujairah.
2 Nov 2021
IL&FS ADDRESSES RS 52,200 CRORE DEBT, MAINTAINS ITS AGGREGATE RESOLUTION ESTIMATE AT RS 61,000 CRORE
The New Board and Management of IL&FS, as part of its periodic update on the progress of ongoing IL&FS Group resolution shared that, till-date, it has addressed debt of Rs 52,200 crore across the Group. The Group also maintained
its earlier estimate of resolving debt of Rs 61,000 crore, representing resolution of 62 per cent of overall - fund based and non-fund based - debt of over Rs 99,000 crore as of October 2018. The debt of Rs 52,200 crore addressed
till date represents 86 per cent of the overall estimated resolution value of Rs 61,000 crore and 53 per cent of total debt. The Group estimates to resolve around Rs 57,000 crore debt by March 2022.
30 Oct 2021
IL&FS GETS NCLT APPROVAL FOR ITS PHASE I INVIT, TO ADDRESS RS. 9,214 CRORE DEBT
IL&FS has received approval for launching its Phase I of Infrastructure Investment Trust (InvIT) from National Company Law Tribunal (NCLT) today. With this approval, six road projects – Barwa Adda Expressway Limited, Baleshwar
Kharagpur Expressway Limited, Sikar Bikaner Highway Limited, East Hyderabad Expressway Limited, Moradabad Bareilly Expressway Limited and Jharkhand Road Projects Implementation Company Limited – will be transferred to the newly
formed Roadstar Infra Investment Trust under its InvIT Phase I - basis approvals from Authority and the lenders.