MEDIA Releases

Since taking over IL&FS Group on Oct 4, 2018, the New Board faced significant challenges - Complex corporate structure with 347 entities - 172 domestic, 175 foreign, Rs. 99,000+ Cr debt with very high leverage (debt to equity of 17:1 as of Mar’18), Multiple business verticals, 4 layered structure, presence across 11 countries, Significant intra-group exposure with risks not commensurate to revenue streams, Multiple and diverse stakeholders – Government Cos, State Govts, Indian/ Foreign private players. New Board expects overall recovery of around Rs 61,000 Cr (61%) Recovery estimate includes recovery spanning both, resolution and liquidation. Rs. 43,600 Cr. (44%) of total estimated recovery addressed as of 31 May 2021, Recovery from IBC cases has been 39 % through resolution and 3.5 % through liquidation.

IL&FS today received Rs 1,925 crore from Haryana Shehari Vikas Pradhikaran (HSVP) as interim termination payment in the Gurgaon Metro Project case. This payment, duly received in escrow accounts, comes in compliance of Hon'ble Supreme Court’s Order of March 26, 2021 that ruled in favor of IL&FS in the Gurgaon Metro Project - developed through ILFS subsidiaries and Special Purpose Vehicles (SPVs) - Rapid Metro Rail Gurgaon Limited (RMGL) and Rapid Metro Rail Gurgaon South Limited (RMGSL). Further, appropriation of any amount from the escrow accounts shall be subject to further orders of the NCLAT or any other competent legal authority as per the said Order, which would be duly complied with by IL&FS.

The New Board and Management of IL&FS, as part of its quarterly update process on the progress of ongoing Group resolution process, shared that it has addressed aggregate Group debt of Rs 43,000 crore till date. The Group has further enhanced its estimates of aggregate debt recovery to Rs 61,000 crore – an increase of Rs 5,000 crore over its earlier estimate of Rs 56,000 crore. The increased estimate represents resolution of nearly 62% of overall fund based and non-fund based Group debt of approx. Rs 99,000 crore, as of October 2018.

*About ₹ 43,100 Cr of debt stands addressed, including filings made with NCLT / NCLAT and final orders of Supreme Court awaiting compliance - an increase of ₹ 11,200 Cr since last update in Jan ’21. The New Board estimates overall recovery to be around ₹ 61,000 Cr; an upward revision to its previous estimate of ₹ 56,000 Cr -Improved valuations, better operating performance, enhanced recoveries from non group exposure being major drivers.

IL&FS has sold its stake in Environment business - IL&FS Environmental Infrastructure & Services Limited (“IEISL”) and its subsidiaries - to EverEnviro Resource Management Private Limited (“EverEnviro”), a 100% owned subsidiary of the Green Growth Equity Fund (“GGEF”), India’s leading climate fund, managed by EverSource Capital. IL&FS, as the promoter shareholder of IEISL, held 97.54 per cent of equity shares of IEISL. The balance 2.46 per cent was held by IL&FS Employee Welfare Trust. The entire shareholding in IEISL, held by IL&FS Group, has been transferred to EverEnviro This sale will reduce IL&FS overall debt by Rs 1,200 crore - which is the combined debt of entities under IL&FS’ environment businesses.

ITNL, a subsidiary of IL&FS, on March 31, 2021 has duly received settlement amount of Rs 673 crore for Kiratpur Ner Chowk Expressway Limited (KNCEL) and Rs 20 crore towards claims for Chenani Nashri Tunnelway Limited (CNTL) - from National Highways Authority of India (NHAI). With these two projects, NHAI and MoRTH have settled aggregate IL&FS claims of over Rs 1,804 crore across 6 Road projects.

In a major step towards resolving overall debt, IL&FS today announced completion of its 49% stake sale in its Chinese Road Asset - Chongqing Yuhe Expressway Co Ltd (CYEC) The stake is sold to China Merchants & PingAn Infrastructure Phase 1 Equity Investment Fund (Tianjin) Co Ltd (PingAn), a fund jointly owned by PingAn Insurance and China Merchants. This is the largest transaction for IL&FS since the sale of its Wind Energy assets to Orix.

In a major development, the Hon'ble Supreme Court today ruled in favor of IL&FS in the Gurgaon Metro Project case As part of the judgment, the Supreme Court has directed Haryana Shehari Vikas Pradhikaran (HSVP) to deposit 80% of total "debt due" (over Rs 2,400 crore), amounting to Rs 1,925 crore, within 3 months into the Escrow Accounts The Supreme Court order added that appropriation of any amount from the said Escrow Account shall be subject to further orders of the NCLAT or any other competent legal authority.

The Management and the New Board of IL&FS Limited, as part of its quarterly update on the progress of ongoing Group resolution process, shared that it has as of date, addressed approx. Rs 32,000 crore of aggregate debt of the Group. The Group maintains its estimates of addressing aggregate debt of over Rs 56,000 crore by FY22, out of an overall debt of over Rs 99,000 crore (as of October 2018).

Against total IL&FS group debt of INR 99,355 Cr as on October 8, 2018, the new board had estimated an overall targeted recovery of INR 56,300 Cr in Oct 2020

IL&FS Solar Power Limited (ISPL), an IL&FS Group company, has paid its entire debt amounting to nearly Rs. 845 crore across all its creditors - including financial and operational debt, tax and statutory dues, without any preference to any creditor or class of creditors. ISPL had undertaken construction and financing of a 100 MW AC solar power project in Bellary district, Karnataka, for Embassy Energy Private Limited (EEPL) that was commissioned in February 2018.

IL&FS Group has received approval from Supreme Court Justice (Retd) DK Jain for sale of its Chinese Road Asset - Chongqing Yuhe Expressway Co Ltd (CYEC) to China Merchants & PingAn Infrastructure Phase 1 Equity Investment Fund (Tianjin) Co Ltd, a group company of PingAn Insurance (Group) Company of China ("PingAn"). IL&FS Group holds 49 per cent stake in CYEC - through its step down Singapore based subsidiary - ITNL International Pte Ltd (IIPL). The balance 51 per cent stake in CYEC is held by Chongqing Expressway Group (CEG).

The Ministry of Corporate Affairs has approved the appointment of Mr Nand Kishore as Executive Director of IL&FS. The term of Mr Bijay Kumar, who was Deputy Managing Director, has come to an end on December 20, 2020. Mr Kumar has decided not to seek extension of his tenure.

IL&FS Group has received Justice (Retd) DK Jain’s approval for sale of Chenani Nashri Tunnelway Limited (CNTL) to Cube Highways and Infrastructure Pte Ltd (CUBE). CNTL is a wholly owned subsidiary of ITNL (an IL&FS company) that, jointly along with its nominees, holds 100% equity of CNTL that has been classified as an amber company.

Justice (Retd) DK Jain has approved sale of Jorbat Shillong Expressway Limited (JSEL) to Sekura Road Limited (SRL). JSEL is a wholly owned subsidiary of ITNL (an IL&FS Company) that, jointly along with its nominees, holds 100% equity of JSEL and it has been classified as an amber company. Sekura Road Limited has bid Rs 916 crore for the entire 100 per cent stake in JSEL.

The Management and the New Board of IL&FS Limited today shared its quarterly update on the progress of the ongoing Group resolution process, maintaining its earlier estimates of addressing more than 50 per cent of the overall debt of over Rs 99,000 crore as of October 2018.

The Board of IL&FS Group today announced the resignation of Mr Vineet Nayyar as the Executive Vice Chairman of IL&FS Group. Mr Nayyar, has requested the Board to relieve him of his duties as Executive Vice Chairman of IL&FS with effect from October 31, 2020, on grounds of indifferent health. The Board, in its meeting held here today, has accepted Mr Nayyar’s resignation wef October 31, 2020, and granted him leave till then, on medical grounds.

The IL&FS Group today completed sale of its 73.69 per cent stake in Education business, held under Schoolnet India Limited (SIL), to Falafal Technologies Private Limited (FTPL). The sale was completed pursuant to the approval granted by the Hon. National Company Law Tribunal (NCLT), Principal Bench vide order dated August 31, 2020.

The New Board of IL&FS Limited today shared an update on the progress of the ongoing resolution process across the Group and revised its estimates of debt being addressed to well above 50 per cent of the overall debt of over Rs 99,000 crore.

The New Board had to navigate through complex issues post taking charge on Oct 4, 2018: • 347 entities - 172 domestic, 175 foreign • 99,000+ Cr debt (funded and non funded) with high leverage • Multiple business verticals, 4 layered structure, numerous jurisdictions • Significant intra-group exposure with risks not commensurate with revenue streams

IL&FS Limited has completed the sale of its 50% stake in Gujarat International Finance Tec-City Company Limited (GIFTCL) to the Government of Gujarat (GOG) represented by Governor of State of Gujarat / Gujarat Urban Development Company Limited (GUDCL). The sale was completed pursuant to the approval granted by the Hon. National Company Law Tribunal (NCLT), Principal Bench vide order dated May 22, 2020.

IL&FS has completed the sale of IL&FS Wind Power Services Limited (IWPSL), a wholly owned subsidiary of IL&FS Energy Development Company Limited (IEDCL), to ORIX Corporation, Japan. IWPSL is engaged in providing supervisory and management support services to seven Companies that own and operate wind power generating assets. Earlier IL&FS Group had divested 51% equity stake held in the Wind Companies to ORIX.

The Board of Directors of IL&FS Ltd. presented the standalone financial statements of the Company for the fiscal ended March 31, 2019 to the shareholders at the Company’s 32nd Annual General Meeting held here today. This is the first AGM that was convened by the New Board. Shareholders adopted the financial results, along with the Directors Report and Auditor’s report. “The combination of complex group structure comprising financial services, infrastructure and other businesses, high level of debt and diverse nature and type of creditors at various levels of the Group represent a very unique scenario which is far removed from other well-known cases of distressed Indian companies in the recent past,” said Mr. Uday Kotak, Chairman, IL&FS Ltd., while presenting the key highlights and challenges as well as progress made through the Resolution process. The Chairman, on behalf of the New Board, in his maiden address to the shareholders, said that IL&FS Group had emerged as a “Test Case” on Group wide resolution of stressed assets.

Ministry of Corporate Affairs (MCA), Government of India, has extended the tenure of Mr. Bijay Kumar, as Deputy Managing Director on the Board of IL&FS Ltd, further for a period of one year with effect from December 21, 2019. Mr. Kumar was appointed as Director on the Board of IL&FS by the Government of India from December 21, 2018 and took over as Deputy Managing Director of the Company from December 24, 2018 for a period of one year.

Justice (retd) DK Jain has granted approval for sale of IL&FS’s Education business - Schoolnet India Limited (erstwhile IL&FS Education & Technology Service Ltd.) - to Career Point Publications Pvt Limited (CPPPL). IL&FS Group has already received approval from Committee of Creditors (CoC) to sell its Education business to CPPPL and will now be approaching the National Company Law Tribunal (NCLT) for final approval to conclude the transaction. This transaction, on completion, would resolve nearly Rs 600 crore of IL&FS Group debt.

•ITPCL CUDDALORE POWER PLANT RECORDED ALL TIME HIGH MONTHLY PLF OF 82%, GENERATED 735 MILLION UNITS AND REPORTED RS 336 CRORE IN REVENUE IN OCTOBER 2019 •POWER PLANT CONTINUED TO RECORD HIGH MONTHLY PLF OF 80%, GENERATING 690 MILLION UNITS AND REPORTED RS 315 CRORE IN REVENUE IN NOVEMBER 2019 •COMPARATIVELY THE PLANT HAD GENERATED 360 MILLION UNITS OF POWER IN NOVEMBER 2018, WHICH HAS BEEN DOUBLED IN NOVEMBER 2019 •DURING 8MFY20 THE COMPANY RECORDS PLF OF 65% WITH GENERATION OF 4,567 MILLION UNITS

The Board of Directors of IL&FS today approved the standalone audited financial results for the year ended March 31, 2019. IL&FS has reported a Net Loss of Rs 22,527 crore during the FY19, as against a Net Profit of Rs 333 crore reported in the previous year. The Board adopted prudent provisioning on loans/impairment of investments, and took a conservative view on fair market value and recovery estimates.

Bangalore Elevated Tollway Private Ltd (BETPL) has been awarded an amount of Rs 492 crore towards Claim filed by the company against National Highways Authority of India (NHAI). IL&FS Engineering and Construction Company Limited, an IL&FS group company, has 24% stake in BETPL and is entitled to approx. Rs 118 crore from the total claim awarded by the tribunal.

The Committee of Creditors (CoC) of IL&FS Ltd. has approved the sale of the IL&FS’s Education business – Schoolnet India Limited (erstwhile IL&FS Education & Technology Service Ltd.) to Career Point Publications Private Limited (CPPPL). The CoC of IL&FS represented all the financial creditors to IL&FS Ltd., the holding company for the IL&FS Group. The financial bid of CPPPL was approved by more than 78% of IL&FS Ltd’s creditors (by value) through an e-voting process that concluded on 5 November 2019. This is as stipulated under the Resolution Framework for IL&FS Group submitted with Hon. National Company Law Appellate Tribunal (NCLAT) and the Hon. National Company Law Tribunal (NCLT), Mumbai Bench.

FIRST SET OF COMPANIES SOLD BY THE NEW BOARD The IL&FS Group has completed the sale process of its 51% stake, held through IL&FS Wind Energy Limited (IWEL) in 7 operating wind power SPVs (with 874 MW of generation capacity) to ORIX Corporation of Japan (ORIX). With this development, ORIX, which previously owned 49% in each of the 7 SPVs now has 100% ownership.

The Board of Directors of IL&FS addressed the media on the completion of One year term.

IL&FS has received binding financial offers aggregating close to Rs. 13,000 crore for ten Domestic Road Assets. These bids were opened on September 9, 2019. In addition to the above, IL&FS Group entities continue to hold rights to receive claims with Gross Value exceeding Rs 1,900 crore, filed with various concession authorities in respect of these assets. The combined value of bids and these claims will help address the cumulative financial debt of Rs. 17,700 crore, as of October 2018, in these assets.

IL&FS today received binding bids for ten road assets in its domestic roads transportation vertical. These 10 road assets that account for total debt of over Rs. 17,700 crore (nearly 19% of total group debt), received 14 binding bids from multiple bidders.

IL&FS has filed the proposal to complete sale of its stake in the Wind Energy business, held under IL&FS Wind Energy Limited (IWEL) to ORIX Corporation of Japan, with NCLT for final approval. The proposal has been filed before the Tribunal after completing binding Share Purchase Agreement with ORIX Corporation and obtaining “in-principle” approval from all lenders for completing this transaction, subject to NCLT approval.

The New Board of IL&FS, since taking charge in October 2018, has executed key steps towards addressing more than INR 20,000 crores of debt. This represents a significant interim outcome in the overall resolution process for the IL&FS Group.

IL&FS has received approval from Justice (Retd) D K Jain on the proposed sale of Wind Energy subsidiaries, held under IL&FS Wind Energy Limited (IWEL), to ORIX Corporation of Japan. Justice (Retd) D K Jain has been appointed by the NCLAT to supervise the operation of Resolution Process of IL&FS Group Companies. The approval has been granted on the conditions that the proposal will now be placed before the NCLT for its approval and the bid amount realized from the sale be kept in an Escrow Account. This amount in Escrow account will only to be disbursed in accordance with the directions in the proceedings, pending before NCLT/NCLAT, as applicable.

IL&FS has completed first phase of forensic audit on Credit Rating Agencies engaged with Group Companies in last ten years. The audit evaluates the role of CRAs in rating various debt instruments and facilitating excessive borrowings from money markets across Group companies that eventually led to defaults.

IL&FS has signed binding term sheet with secured lenders of three entities, as part of its resolution process. The entities for which the binding term sheet has been signed include - Moradabad Bareilly Expressway Limited, Jharkhand Road Projects and West Gujarat Expressway Limited. With this term sheet, these three entities have now been moved them from Amber to Green, as per the Hon’ble NCLAT order July 12, 2019.

Highlights of the IL&FS Board meeting held on June 28, 2019 where the Board reviewed the resolution progress and formed a committee to finalise asset wise resolution with lenders

The New Board of IL&FS, as part of the overall resolution process for the IL&FS Group, has extended the last day of filing of claims, under its claims management process, from earlier deadline of June 5, 2019 to a new date of June 20, 2019. This extension is pursuant to the order passed by the Hon’ble NCLAT on May 29, 2019, wherein the court had extended the period for lenders to file their claims by June 20th, 2019.

ORIX Corporation of Japan (“ORIX”), owner of 49% stake in each of 7 operating wind power plants (“SPVs”) of the IL&FS Group, has expressed its intent to buy out the remaining 51% stake held by IL&FS Wind Energy Limited (“IWEL”). This intent to buy 51% stake is in exercise of ORIX’s right under the terms of an existing MoU wherein ORIX can match the Price offered by the highest bidder for purchasing IWEL’s Stake in the Wind SPVs.

IL&FS Mutual Fund (IDF) today made on-time redemption in its first debt fund series, IL&FS Infrastructure Debt Fund Series 1-A (IDF Scheme A), on its due date ie April 30, 2019. The Scheme redeemed Rs. 314 crore to the investors, which was paid out today. IDF Scheme A, 5-year closed ended scheme, had raised Rs. 238 crore from various Institutional Investors and was fully funded in April 2014.

GAIL EMERGES AS HIGHEST BIDDER FOR WIND ASSETS PORTFOLIO OF IL&FS The process was launched through a public invitation for expressions of interest, dated November 29, 2018. At the end of the binding bidding process, reached after comprehensive due-diligence including site visits across 12 sites spread across 7 states, GAIL (India) Limited has emerged as the highest bidder for 7 operating wind power plants (“SPVs”) having a total generation capacity of 874 MW.

The Board of IL&FS held its second press conference and shared an update on the Progress made in the last six months. The presentation made is enclosed

IL&FS Transportation Network Limited (ITNL), a part of IL&FS Group, confirms that it has been able to secure safe return of its 4 employees, working on projects in Ethiopia, to India.

Infrastructure Leasing & Financial Services (“IL&FS”) has received a strong response to the asset monetization process for the Domestic Roads Vertical housed under its subsidiary, IL&FS Transportation Networks Ltd. More than 30 expressions of interest were received for acquiring IL&FS’ interests in its domestic road vertical including its domestic EPC and O&M businesses.

In order to ascertain market interest, and to examine feasibility of maximization of value in an orderly and transparent manner, the Board, has today initiated two separate processes for exploring the sale of its interests in the Education business as well as its presence in the Alternative Investment Management business. Accordingly, the Board has decided to publicly solicit in two separate processes, Expressions of Interest for a sale of its interests in: a) Education business comprising IL&FS’ interest in IL&FS Education & Technology Services Limited (“IETS”), along with other subsidiary businesses; and b) Alternative Investment Fund Management business comprising IL&FS’ interest(s) in IL&FS Investment Managers Limited (“IIML”) along with all its associated fund management platforms, as well as sponsor commitments relating to a few of the funds.

In order to ascertain market interest, and to examine feasibility of maximization of value in an orderly and transparent manner, the IL&FS Board, acting on behalf of its relevant subsidiaries including ITNL, has today initiated the process of exploring the divestment of the IL&FS Group’s equity stake(s)/interest(s) (“Stake(s)”) in road assets/businesses or an undertaking comprising all the assets/businesses (together the (“Domestic Roads Vertical”))

IL&FS today announced the engagement of Mr. N Sivaraman as Chief Operating Officer (“COO”) of the IL&FS Group. Mr. Sivaraman will be responsible for day to day operations and provide hands on leadership and oversight to the Group’s asset monetisation efforts. He will be a part of the Core Operating Committee and report to Mr. Vineet Nayyar, Vice Chairman and Managing Director, IL&FS Group.

IL&FS Group has been making all round efforts, in coordination with the Ministry of External Affairs (MEA), Government of India and the Indian Embassy in Addis Ababa, to ensure safe and early return of its employees. Meanwhile, as a result of collective and sustained engagement with various authorities, two of the seven employees have been allowed to move out of the camp and are now in Addis Ababa.

In order to ascertain market interest, and to examine feasibility of maximization of value in an orderly and transparent manner, the Board, acting on behalf of its relevant subsidiaries, has today initiated the process of exploring the sale of controlling stake(s) (“Stake(s)”) held by IL&FS Group in renewable energy assets / businesses comprising, principally (“Renewable Energy assets”)

Infrastructure Leasing & Financial Services (“IL&FS”) has received a strong response to its asset monetization process, initiated a fortnight ago, towards developing a resolution plan(s) for the IL&FS group. More than a dozen Expressions Of Interest (EOI) towards acquiring IL&FS’ stake in IL&FS Securities Services Ltd. (“ISSL”) and ISSL Settlement & Transaction Services Ltd. (“ISTSL”) have been received, which the Board is scrutinizing for eligibility.

The Board of Infrastructure Leasing & Financial Services Ltd (“IL&FS”) appointed by the NCLT vide its order dated 1st October, 2018 (“the Board”), submitted to the MCA a Report on the progress and the way forward (“Report”) dated 30th October, 2018, which in turn was submitted to the NCLT. As stated in the said Report, it is the objective of the Board to achieve, by one or more plan(s), the resolution of the IL&FS group through certain measures, including asset divestments.

Pursuant to the orders of the National Company Law Tribunal (Mumbai) (“NCLT”) dated October 1, 2018, the Board of Directors appointed vide this NCLT order (“New Board”) was directed to report to the NCLT by the next date of hearing, being October 31, 2018.

At a meeting of the Board of Directors of Infrastructure Leasing & Financial Services Ltd. (“IL&FS”) held last week, the Board has considered it important to harmonize all asset monetization activities, including ongoing initiatives, and to undertake the same in a transparent and speedy manner aligned with the broader objective of optimizing the interests of different stakeholders.

The Union of India (acting though the Ministry of Corporate Affairs) had filed an application with the National Company Law Tribunal, Mumbai Bench under section 242 of the Companies Act, 2013 on October 12, 2018 seeking a moratorium on creditor proceedings against IL&FS Limited (and its group companies) to enable formation of an orderly resolution plan in light of the current circumstances facing the IL&FS group. The NCLT declined (in its order of 12 October 2018) to grant such reliefs and an appeal was filed by the Union of India with the National Company Law Appellate Tribunal (NCLAT).

The Board of IL&FS Ltd., appointed on the orders of the National Company Law Tribunal Mumbai (“NCLT”), had its second meeting today. As permitted by the order dated October 9, 2018 of the NCLT, the Board has initiated the replacement of its nominee directors on various subsidiaries of IL&FS Ltd.

Pursuant to the orders of the National Company Law Tribunal (Mumbai) (“NCLT”) dated October 1, 2018 and October 3, 2018, the Board of the Company has been reconstituted and Mr. Uday Kotak, Mr. Vineet Nayyar, Mr. G.N Bajpai, Mr. G.C. Chaturvedi, Dr. Malini Shankar, Mr. Nand Kishore and Mr. C.S Rajan have been appointed as the directors of the Company. The new Board had its first meeting today.

The Board of Directors of IL&FS approved a Rights Issue of 30 crore equity shares at Rs 150 per share aggregating to Rs 4,500 crores to shore up the capital of the IL&FS. The Rights issue would be completed by October 30, 2018. As on March 31, 2018, IL&FS net worth was Rs 7,400 crores. In addition, the Board approved the re-capitalization of Group Companies to the extent of Rs 5,000 crores in IL&FS Financial Services, IL&FS Transportation, IL&FS Energy, IL&FS Environment, and, IL&FS Education

ITNL Offshore Pte. (IOPL), a subsidiary of IL&FS Transportation Networks (ITNL), has completed sale of CNH 1.00 billion ($155 million) three-year Dim Sum bond. These bonds are guaranteed by ITNL. IL&FS Financial Services (IFIN) was financial advisor to ITNL and IOPL in this transaction. This is the largest bond issuance achieved by an Indian corporate in CNH bond market. This is also the first international bond issuance by any Indian company in 2018, and the first high-yield Dim Sum deal in more than 15 months.

Open to all age groups, a notable addition to this year’s race categories, is the inclusion of the 16 km run. The 5km and 10km run continues to encourage and introduce running as a daily sport among professionals. All the registration proceeds will go to ADAPT (Able Disabled People All Together) the event charity partners and a non-government organisation. Mr Ramesh C. Bawa, Managing Director & CEO, IL&FS Financial Services, said, “Running has not only been considered as an effective physical activity to chase good health and fitness leading to a healthy body, soul and mind, but this also brings perseverance in one's life to achieve the desired goals and ambitions. 'I Run For Fun' is an initiative undertaken by us five years ago with a motive to boost the morale of our employees and other participants to replicate the aspect of 'Run-to-Chase' in their personal and professional life. Besides this, we also feel privileged to provide financial support to one of the foremost 'Non-Profit' organisations in the country called 'ADAPT' with the funds collected from this event. I welcome all the participants to join hands towards a healthier, soulful, social and noble approach.”

IPTF was recently awarded the “Safe and Secure Terminal of the Year 2017” by the distinguished Global Ports Forum, Singapore for their contribution to the maritime industry which was covered in an article by Khaleej Times.

An interview of Mr. Ketul Acharya, Sr. VP and Group Head, IL&FS Skills Development Corporation Limited.

An overview of development of port based integrated development and IMICL’s project is an Integrated Maritime Complex in Nana Layja, Gujarat. This article was published in Gujarat Infrastructure Annual Issue in January 2017.

Gulf CEO Business Review covered Amit Datta, CEO and Daan Schute Commercial Director on what makes the terminal the best in the region.

ORIX Corporation (“ORIX”), a leading integrated financial services group, and INFRASTRUCTURE LEASING & FINANCIAL SERVICE LIMITED (“IL&FS”), an infrastructure development and finance company, today announced that they will expand the wind energy platform with a total capacity of 1,004 MW in India. ORIX has been a significant shareholder in IL&FS since 1993 and the partnership is targeted to also achieve a large-scale solar capacity in the coming years. ORIX has invested in 49% of the equity of the Wind Platform of IL&FS aggregating to 1,004 MW, of which 775 MW is operational, and the balance is under construction. In this project, total 26 wind power plants will be built in seven states where wind conditions are better than other parts of India. The generated power will be mainly sold to state power companies under the feed-in tariff scheme as well as to commercial-scale utility customers.

Waste from construction sites will now be reused to make tiles and other building materials with East Delhi getting its first such recycling plant. The construction and demolition (C&D) waste recycling plant at Shastri Nagar was inaugurated by East Delhi MP Manoj Tiwari on Sunday. Spread over 2.5 acres, the plant is a public private partnership between the East Delhi Municipal Corporation and Infrastructure Leasing and Financial Services (IL&FS).

To meet the challenge of handling this projected exponential growth in traffic; Indian ports will need to improve their operational effeciencies in addition to increasing their capacity as, when compared to international benchmarks, there is a huge scope of improvement in various operational parameters of Indian Ports. IMICL’s view on increasing effeciencies in its projects in Ports focused Infrastructure Today December 2015.

Ask Karunakaran Ramchand, MD at IL&FS Transportation Networks, if he is particularly proud of any of the company's road projects and he would not single out any project. Nudge him a bit and he starts talking about the two tunnel projects the company is building in Jammu and Kashmir. The nine km Chenani Nashri tunnel, when completed in May next year, will be the longest tunnel in India and will reduce the travel time between Jammu and Srinagar by almost two hours. The 6.5 km tunnel, the second between Srinagar and Sonmarg, also passes through a treacherous terrain, and Ramchand has a bag full of anecdotes on the difficulties he faced in the projects from unpredictable weather to threat from militants. From an engineering point of view too, the Himalayan projects are challenging. "It is a remarkable achievement for an Indian company," says Hari Sankaran, Vice Chairman and MD. So, what sets IL&FS apart from its peers? "It doesn't bid for just any project that comes its way. It ensures it bids only for projects that have high margins," says Anubhav Gupta, Senior Analyst at brokerage Maybank Kim Eng. Gupta endorses the company's strategy of working on annuity projects. "Most of its peers go only for tollbased projects, hoping to earn a higher return on equity, but that's not always the case. Annuity ensures a fixed source of income and it makes sense to have a mix of both." Although 60 per cent of the company's revenue comes from concession projects, Ramchand likes to call IL&FS more an operations company than a construction firm. "Twenty per cent of our revenue comes from toll and annuity projects. We collect Rs 6.5 crore a day from toll projects. By 2017, this will rise to Rs 1112 crore a day. Then, almost one third of revenue, about Rs4,000 crore, will come from annuity and toll income." Ramchand also expects international business to contribute around 25 per cent to the company's revenue in the next few years from 20 per cent now. It is focusing on the road maintenance business through its 2008 acquisition of the Spanish operations and maintenance company Elsamex. Through this unit, IL&FS has a presence in Latin America, the US, West Asia and China. It is also planning to enter Bangladesh and Nepal. Ramchand say Elsamex will give IL&FS an edge even in India. "In India, importance is given only to building roads. That's not longterm strategic thinking. You also have to plan maintenance, as it brings down the lifecycle cost." IL&FS has 9,000 lane km of roads operational and another 3,000 lane km will be ready by 2017. Overall, it has projects worth Rs 36,000 crore in its portfolio. What's next? "India will continue to need good roads and better airports," says Sankaran. "We will have enough on our plate."

Interview of Mr Mukund Sapre, Executive Director, IL&FS Transportation Networks Limited (ITNL) on how he has made a success of "risky" projects.