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IL&FS Group may add Pune Sholapur Road Development to proposed InvIT list

Monday, 13 Jul 2020
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The Infrastructure Leasing and Financial Services (IL&FS) Group is looking at including one more road asset, Pune Sholapur Road Development Company (PSRDCL) to its proposed infrastructure investment trust (InvIT). 
The company had earlier shortlisted nine road projects with a total debt of around Rs 10,800 crore on the proposed InvIT platform and sent it to the market regulator Securities and Exchange Board of India. The approval for the same is awaited. 
PSRDCL is one of the 10 road projects of the Group for which binding bids were received in August 2019. There were four bidders in the fray for this road asset. 
However, as finalisation of bidder for PSRDCL was taking time due to the pandemic, the Group is looking at adding this asset also to the list for proposed InvIT. A decision on it will be taken by the IL&FS board soon. 
Once a decision is taken by the board, the debt-ridden group will include it in the earlier list of road assets for the proposed InvIT it had sent to SEBI for approval. 
PSRDCL, which is classified as red asset, has around Rs 2,000 croredebt. It is a four-lane highway of Pune-Solapur section of NH-9 in Maharashtra and the project is on toll basis with a concession period of 19 years. 
As part of its asset sale process, IL&FS group in December 2018 had invited expressions of interest (EoI) for sale of its stake in its domestic road verticals, which included seven operating annuity based road projects, eight operating toll-based road projects and four under construction, among others. 
In August 2019, the Group had received 14 binding bids from multiple bidders for 10 road projects, including PSRDCL, that accounted for over Rs 17,700 crore debts which are nearly 19 percent of total Group debt. 
The Group has put its five road assets – Moradabad-Bareily Expressway with debt of around Rs 2,500 crore; Jharkhand Road Projects Implementation Company worth Rs 2,300 crore; Baleshwar-Kharagpur Expressway worth Rs 600 crore; Road Infrastructure Development Company of Rajasthan worth Rs 2,700 crore and Sikar-Bikaner Highway worth Rs 500 crore under the proposed InvIT. 
These five road projects were among the 10 road projects for which the group had received bids. As the bids were not favourable, the projects were shortlisted for the proposed InvIT. 
The other four assets that are included in the proposed InvIT are -- West Gujarat Expressway with debt of nearly Rs 200 crore; East Hyderabad Expressway worth Rs 220 crore; Thiruvananthapuram Road Development worth Rs 220 crore and Barwa-Adda Expressway worth Rs 2,000 crore. The final approval from the market regulator SEBI is yet to be received.
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