Infrastructure

IL&FS may return 10 incomplete projects worth Rs 14,519 crore to NHAI, says report

Updated : May 14, 2019 09:26 AM IST

In a meeting held on April 22 between IL&FS and the NHAI, the debt-ridden company did not object to inviting fresh bids provided that they arrive on “an amicable settlement of dues": report

The minutes of the meeting reviewed by Mint revealed that both NHAI and IL&FS discussed the future of 10 projects.

The beleaguered infrastructure firm, IL&FS, has agreed to return under-construction road projects to the National Highways Authority of India (NHAI) for fresh bidding, Mint reported on Tuesday.

As per the report, in a meeting held on April 22 between IL&FS and the NHAI, the debt-ridden company did not object to inviting fresh bids provided that they arrive on “an amicable settlement of dues," the report said.

The minutes of the meeting reviewed by Mint revealed that both NHAI and IL&FS discussed the future of 10 projects, that are incomplete, at various stages of completion or where the financial closure has not been achieved yet.

Out of the 10 projects, three have achieved 80 percent completion while the other seven are completed in the range of 10-50 percent and are worth Rs 14,519 crore, the report added.