Singapore & Italy based companies bid highest for IL&FS’ two road assets

MUMBAI: Singapore-based infrastructure investment platform Cube Highways and Italy’s Autostrade have emerged top bidders for two road projects put on the block by cashstrapped IL&FS and having a combined debt of over Rs 5,000 crore, a person aware of the development said. The board of Infrastructure Leasing & Financial Services (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.

“Lenders have been informed that Cube Highways has emerged as the highest bidder for Chennai-Nashri Tunnelway while Italy’s Autostrade is the bidder for Pune Sholapur Road Development,” said the person cited earlier. “With the sale of these two road projects, debt of around Rs 5,000 crore will be cleared for banks.”