IL&FS has received approval from the National Company Law Tribunal (NCLT) to move six road projects to an Infrastructure Investment Trust (InvIT). The projects will be transferred to the InvIT at an aggregate valuation of Rs 9,214 crore, determined by an independent valuer appointed following the InvIT regulations of the Securities and Exchange Board of India (Sebi).

The six road projects are 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, based on approvals from the authority and lenders.

• PM Modi to Inaugurate Noida Airport on 28th March
• Fullife Raises Rs 300 Cr, IPO Plans a Few Years Away
• NBD Bank Gets Nod from Central Bank to Acquire Stake in RBL Bank
• LIC Gets Slammed with Rs 6,146 Crore Tax Demand
• L&T Tech Planning to Sell its Unit to AMI Paradigm Solutions

The Rs 9,214 crore valuation presents a significantly improved recovery for creditors of these SPVs and group companies that have provided debt to these SPVs, the company said.