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.

• Vedanta Outlook for the Week (April 29, 2024 – May 03, 2024)
• Tata Steel Outlook for the Week (April 29, 2024 – May 03, 2024)
• PFC Outlook for the Week (April 29, 2024 – May 03, 2024)
• Piramal Enterprises Outlook for the Week (April 29, 2024 – May 03, 2024)
• MANAPPURAM Outlook for the Week (April 29, 2024 – May 03, 2024)

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.