New Delhi: Debt-ridden Infrastructure Leasing & Financial Services has decided to sell its entire 15 per cent residual stake in Roadstar Infra Investment Trust (InvIT) to reduce liabilities.
Infrastructure Leasing & Financial Services (IL&FS) has appointed Axis Bank to scout for potential buyers for its 15.1 per cent stake in Roadstar InvIT.
"Sale of IL&FS' 15 per cent stake in Roadstar InvIT forms an important part of the Group's resolution initiative and approved framework. We would be taking steps in this direction - including appointing consultants and intermediaries - in due course," an IL&FS Group spokesperson said.
In March this year, IL&FS had listed the Roadstar Infra Investment Trust units on NSE as a part of its debt restructuring.
Roadstar Infra Investment Trust, sponsored by Roadstar Infra, was established with the objective of owning, operating and investing in infrastructure projects in India, directly or indirectly, and is registered under the InvIT Regulations.
Roadstar Infra Investment Trust, through its Project Special Purpose Vehicles, together has 6 road assets under its portfolio, aggregating to 685.16 kms, located across 6 states in India -- Moradabad Bareilly Expressway Ltd, Sikar Bikaner Highway Ltd, Pune Sholapur Road Development Company Ltd, Barwa Adda Expressway Ltd, Thiruvananthapuram Road Development Company Ltd and Hazaribagh Ranchi Expressway Ltd.
Out of six road assets, four are under the National Highway Authority of India's (NHAI) concession framework (three toll and one annuity), one toll asset under the Ministry of Road Transport and Highways (MORTH) and one annuity project from Kerala Road Fund Board (KRFB).
The six road assets are in Maharashtra, Rajasthan, Uttar Pradesh, West Bengal, Jharkhand and Kerala.
All assets are operational, except BAEL, which is 94 per cent completed as of January 2025.
Moreover, SBHL is yet to receive the final COD, pending punch-list item completion and certification from the authority.
(Except for the headline, this article has not been edited by FPJ's editorial team and auto-generated from an agency feed.)
