Mumbai: The government-appointed board of directors of debt-laden IL&FS is going to seek expressions of interest for its subsidiary IL&FS Transportation Networks ’ (ITNL) domestic road assets. The company said in press release that these steps are required to “advance the process of putting together a resolution plan for the IL&FS group, based on market interest and price discovery of various assets".

The assets on the block include 7 operating annuity-based road projects of roughly 1,774 lane km, 8 operating toll-based road projects of roughly 6,572 lane km, 4 under-construction road projects of 1,736 lane km, 3 other EPC (engineering-procurement-construction) and O&M (operations and maintenance) businesses and a sports complex in Thiruvananthapuram.

The proposed sale of the stake held by IL&FS group in these assets may be carried out as a basket/individually or as an undertaking comprising all offered assets and businesses, the release said.

Over the last two months, the new Uday Kotak-led board of IL&FS is seeking buyers for its two securities trading businesses and the company’s renewable energy assets. The board sees asset monetisation as one the ways in which the IL&FS group can settle its outstanding debt of ₹ 91,000 crore and avoid further default.

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