Edelweiss fund buys IL&FS road project

Mayur.Shetty@timesgroup.com

Mumbai:

Infrastructure Leasing and Financial Services

(IL&FS) on Tuesday said Justice D K Jain has approved the sale of the group’s road asset

Jorabat Shillong Expressway

(

JSEL

) to Edelweiss-sponsored

Sekura

Roads. Sekura had bid Rs 916 crore for 100% stake in the project, which has a debt of Rs 1,600 crore.

Sekura Roads

is backed by

Edelweiss Infrastructure Yield Plus

, an infrastructure category-1

alternative investment fund

.

JSEL is a wholly owned subsidiary of IL&FS Transport Network (

ITNL

). The group, as part of the debt-resolution process, had classified the company in ‘amber’ category, which meant that it would not be able to meet complete debt obligations but can meet only operational payment obligations to senior secured financial creditors.

JSEL is a four-lane highway from Jorabat to Shillong on the NH-40, which connects Shillong, Mizoram and Tripura with Guwahati. “Sekura Roads had emerged as the highest bidder for JSEL and the same was ratified by the committee of creditors (CoCs) of ITNL and JSEL,” it said. The proceeds would be distributed in accordance with the resolution framework approved by the NCLT, the group added.