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Crisil downgrades non-convertible debentures of IL&FS' Jharkhand road project

Updated : January 22, 2019 06:39 AM IST

In a fresh setback for debt-ridden IL&FS, rating agency Crisil has downgraded the non-convertible debentures of a road project in Jharkhand.

Crisil has warned that this and other projects are likely to stop interest rate payments contrary to the company's previous stance.

Last week, state-owned NHIDCL has terminated the contract awarded to troubled IL&FS group for building the strategic Zojila tunnel to provide all-weather connectivity between Srinagar, Kargil and Leh.

IL&FS Transportation in a filing said the contract was terminated on January 15.

IL&FS group has defaulted on debt repayments due to financial mismanagement. The total debt of the group was pegged at Rs 94,215.6 crore as of October 8. The government in October superseded the board of IL&FS and appointed new members to rescue the group.
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