The National Company Law Appellate Tribunal (NCLAT) on Friday said pension and provident funds which had invested in Infrastructure Leasing & Financial Services (IL&FS) would have priority in payment from all categories of companies, whether classified as green, amber or red. While the companies classified under the green category by the new board of IL&FS […]
Category: Roads
Reliance Infra lenders sign debt resolution pact; stock jumps nearly 11%
Anil Ambani-promoted Reliance Infrastructure (RInfra) on Thursday said its lenders had entered into an inter-creditor agreement (ICA) to implement a debt resolution plan within six months. The announcement led to a rally in RInfra shares, which surged about 11 per cent to close at 51.05 on the BSE. “RInfra’s 16 lenders have signed the ICA. […]
RInfra claims 100% lenders have signed agreement for resolving debt
Anil Ambani-run Reliance Infrastructure Thursday claimed that all the 16 lenders have signed the mandatory inter-creditor agreement for resolving its debt of around Rs 7,500 crore. It can be noted that the RBI mandates only 75 percent of lenders by value and 60 percent of them by the number to sign the inter-creditor agreement for […]
From roads to radio units, Anil Ambani group mulls $3.2-bn distress sale
Indian tycoon Anil Ambani plans to raise about Rs 217 billion ($3.2 billion) by selling assets from roads to radio stations in a bid to cut debt. The breakdown is like this, according to the group spokesman: Reliance Infrastructure Ltd. is seeking Rs 90 billion from the sale of nine road projects. Reliance Capital Ltd. […]
NHAI in talks with NIIF to fund proposed Amritsar to Jamnagar highway
A proposed expressway connecting Amritsar in Punjab to Jamnagar in Gujarat has been offered to the National Investment and Infrastructure Fund (NIIF) for funding. The expressway — one of the country’s longest highway projects — would reduce the distance between the two cities by 10 per cent. It is currently 1,430 km. The NIIF is […]
Govt committed to fiscal consolidation, helping infrastructure: Sitharaman
The government will control the fiscal deficit without compromising on public expenditure, said Finance Minister Nirmala Sitharaman on Wednesday. The government has set the fiscal deficit target at 3.3 per cent of GDP for 2019-20, she said in the Lok Sabha in her reply to the general discussion on Budget 2019-20. “We will move GST […]
IL&FS puts Rs 2,880 acre land parcels in Kutch for sale to monetise assets
In an attempt to its monetise assets, the bankrupt IL&FS group has put its 2,880-acres of non-contiguous land banks spread across seven villages in the Kutch region of Gujarat for sale. The company has invited expressions of interest from interested parties for selling the land parcels owned by three subsidiaries of IL&FS Group in the […]
Highways sector can help nation achieve $5 trillion economy: Nitin Gadkari
Innovative funding modules are on the anvil for the ambitious Rs 7.5 trillion highway building programme as the sector can help achieve Prime Minister Narendra Modi’s dream of making India a $5 trillion economy, Union minister Nitin Gadkari said on Monday. The Road Transport and Highways Minister was addressing the media after the signing of […]
Budget 2019: NHAI fundraising plan raised by 21% to Rs 75,000 crore
Funds to be raised for the National Highways Authority of India (NHAI) have been hiked by 21 per cent in 2019-20 as the government prepares a blueprint for executing Bharatmala projects in a time-bound manner. The authority has the approval to raise Rs 75,000 crore during the current year and government support of Rs 36,691 […]
Pakistan says 80% work on Kartapur corridor to Gurudwara Sahib completed
Pakistan has completed over 80 per cent of the work on the Kartarpur Corridor from the zero line to Gurdwara Sahib, a senior engineer working on the project has said, as officials from India and Pakistan are scheduled to meet in a fortnight. The engineer expressed hope to finish the remaining work before the assigned […]
Pak, India to hold 2nd meeting on Kartarpur corridor on July 14
Pakistan and India on Tuesday decided to hold the second meeting to discuss the draft agreement for finalising the modalities of the Kartarpur corridor and related technical issues on July 14 in Wagah. The corridor will connect Darbar Sahib in Pakistan’s Kartarpur with Dera Baba Nanak shrine in Gurdaspur district and facilitate visa-free movement of […]
IL&FS panel to finalise asset-wise framework of resolution with lenders
The board of Infrastructure Finance and Leasing Services (IL&FS) has decided to set up a six-member empowered committee to finalise the asset-wise framework of resolution with lenders. The six-member committee includes IL&FS board members Vineet Nayyar, C S Ranjan, Bijay Kumar, and the chief operating officer (COO) N Srinivasan among others. “The committee will be […]