Cash-strapped IL&FS receives Rs 13,000 crore bids for road assets

The IL&FS Group has received binding bids worth Rs 13,000 crore for its domestic road portfolio, the group said on Tuesday. With a combined debt of Rs 17,700 crore, the bids, if accepted, will need banks to take a haircut.

“IL&FS has received binding financial offers aggregating close to Rs 13,000 crore for 10 domestic road assets. These bids were opened on September 9, 2019,” IL&FS said in a statement.

The statement added, “The combined value of bids and these claims will help address the cumulative financial debt of Rs 17,700 crore, as of October 2018, in these assets.”