IL&FS finalises InvIT structure for road assets

Reportedly, Infrastructure Leasing & Financial Services [IL&FS] Limited has finalised the infrastructure investment trust (InvIT) structure for its road assets in order to resolve its debt of about Rs 150 billion. IL&FS has set up Roadstar Infra Private Limited as a new subsidiary of IL&FS Transportation Networks India Limited (ITNL) to act as a sponsor to the proposed InvIT. North Karnataka Expressway Limited (NKEL) has been appointed the investment manager to the InvIT. As per reports, ITNL has infused fresh capital of Rs 750 million in the sponsor entity post receipt of the requisite approvals in order to meet Securities and Exchange Board of India’s InvIT norm of Rs 1 billion net worth. In addition, NKEL will be transferred by ITNL to Roadstar Infra Private Limited.