Debt-stricken Infrastructure Leasing and Financial Services (IL&FS) may see foreclosure or termination of at least five to seven of its road projects awarded by the National Highways Authority of India (NHAI). These projects got stuck over cost and time overruns. The agency will re-invite bids in due course to complete the balance of work, people close to the development told FE.
The NHAI has directed its officials to arrive at valuation of the work done by IL&FS for the termination payment. The dispute relates to around 25 road projects that are facing cost and time overrun issues due to delay in land acquisitions by the NHAI, according to sources.
