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Cube Highways, Autostrade emerge highest bidders for IL&FS’ two road projects

Tuesday, 19 Nov 2019
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Singapore-based infrastructure investment platform Cube Highways and Italy’s Autostrade have emerged top bidders for two road projects put on the block by Infrastructure Leasing & Financial Services (IL&FS). The board of (IL&FS) has put 14 operating road assets on the block.

Five road assets that are up for sale have combined debt of Rs 9,000 crore, while the remaining nine assets, which are to be sold via infrastructure investment trusts (InvITs), have a total debt of Rs 11,000 crore.

Cube Highways has emerged as the highest bidder for Chennai-Nashri tunnelway while Italy’s Autostrade is the bidder for Pune-Sholapur road development. With the sale of these two road projects, debt of around Rs 5,000 crore will be cleared for banks. Chennai-Nashri tunnelway has debt of Rs 4,800 crore while Pune-Sholapur project has debt of Rs 1,925 core.

Other road projects of IL&FS include Moradabad-Bareilly Expressway with debt of Rs 2,486 crore, Road Infrastructure Development Comapny of Rajasthan with debt of Rs 2,172 crore, Baleshwar-Kharagppur Expressway with debt of Rs 614 crore, and Sikar-Bikaner Highway with debt of Rs 561 crore.

Edelweiss had bid for three road assets through the Infrastructure Fund. These are Jorabat-Shillong Expressway, which has debt of 1,406 crore, Jharkhand Infrastructure Implementation Company which has debt of Rs 430 crore, and Hazaribagh-Ranchi Expressway which has debt of Rs 954 crore.

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