Debt-laden Infrastructure Leasing & Financial Services (IL&FS) Ltd has agreed to return under-construction road projects to the National Highways Authority of India (NHAI) for fresh bidding, according to the minutes of IL&FS’s 22 April board meeting.
In a meeting with NHAI officials, IL&FS did not object to inviting fresh bids for the under-construction projects provided that they arrive on “an amicable settlement of dues”. A copy of these board minutes was reviewed by Mint.
Settling and awarding dues to IL&FS is imperative as the financial services and manufacturing group of companies is struggling under a massive debt of ₹99,358 crore as of September 2018. Read more