IL&FS’ roads InvIT gets necessary approvals

Infrastructure Leasing and Financial Services (IL&FS) will launch its infrastructure investment trust (InvIT) soon. Through this move it will convert the outstanding debt owed to banks in 10 road projects into units of the trust. The InvIT has received all necessary approvals for its launch. IL&FS has obtained the registration certificate from the Securities and Exchange Board of India and approvals from the committee of creditors of IL&FS Transportation Networks Limited for transfer of Phase I assets and has completed the green channel notification for the approval process for the InvIT from the Competition Commission of India. The InvIT will resolve nearly Rs 130 billion of the company’s outstanding debt. The units of the InvIT are expected to be distributed to lenders, including the State Bank of India, Punjab National Bank, Canara Bank, Bank of India and Indian Overseas Bank.

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