IL&FS Transportation Networks Ltd (ITNL), a subsidiary of IL&FS, announced on Sunday that it had received a settlement amount of Rs 673 crore for Kiratpur Ner Chowk Expressway (KNCEL) and Rs 20 crore for claims for Chenani Nashri Tunnelway (CNTL), of the National Highways Authority of India (NHAI). The amount was received on March 31, Infrastructure Leasing and Financial Services (IL&FS) said in a statement.
The KNCEL project was entered under the Ministry of Road Transport and Highways (MoRTH) guidelines of March 2019 for incomplete or blocked projects. CNTL is a completed project, earning rents, and Rs 19.6 crore is the claim amount for the scope change, according to the release.
He said that Fagne Songadh Expressway Ltd (FSEL), a wholly-owned subsidiary of ITNL, had previously reached its settlement with NHAI under MoRTH’s new policy on stalled projects receiving an amount of Rs 707 crore. Other IL&FS projects settled under claims and indemnities by NHAI till date include Jorabat Shillong Expressway (JSEL) Rs 252 crore; Baleshwar Kharagpur Expressway (BKEL) (Rs 8 crore); and ITNL Road Infrastructure Development Company (IRIDCL) (Rs 144 crore) which was settled by MoRTH.
The group further said that there is a pending settlement of Rs 902 crore for the Khed Sinnar expressway project and Rs 171 crore for NHAI’s Amravati Chikli Expressway. FSEL, KNCEL and IRIDCL were handed over to NHAI and MoRTH after the settlement of claims, he added, adding that BKEL will be part of the Infrastructure Investment Trust (InvIT) which will include 11 road projects in two phases .
“Between FSEL, KNCEL, IRIDCL – IL & FS would deal with aggregate debt of Rs 3,500 crore through NHAI and MoRTH settlements,” the statement read. The IL&FS Group, under its NCLAT-approved debt resolution framework, is following a multi-pronged strategy for its road assets to deal with debt.
It plans to form InvIT for 12 road projects, settle incomplete projects according to MoRTH guidelines, and monetize the remaining road assets to the highest bidder.
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