National Highways Authority of India owes only Rs 425 crore to the embattled Infrastructure Leasing & Financial Services and the Mumbai-based infrastructure lender and developer has raised claims for about Rs 4,000 crore, which are currently under arbitration, a senior government official has said.
IL&FS and its subsidiaries have defaulted on a number of loan repayment obligations in recent times. The firm had recently claimed that several government owned concession-granting authorities owe it Rs 16,000 crore which, if cleared, would help solve its liquidity problems.
A senior government official said NHAI, the highway construction arm of the government, has agreed to pay Rs 425 crore to IL&FS as there were cost overruns in the Moradabad-Bareilly Expressway project. Read More
Latest posts by The Economic Times (see all)
- High crude prices hurting global growth: PM Narendra Modi to oil producers - October 15, 2018
- India hopes to finalise partners for strategic oil reserves within a year - October 15, 2018
- India, Iran aim to roll out part of Chabahar before US curbs - October 15, 2018