Mumbai, Jan 10 (IANS) Debt-ridden IL&FS has received more than 30 expressions of interest (EOIs) for the domestic roads vertical housed under its subsidiary, IL&FS
Transportation Networks Ltd.
"More than 30 expressions of interest were received for acquiring IL&FS' interests in its domestic road vertical including its domestic EPC (Engineering, Procurement and Construction) and O&M (operations and maintenance) businesses. Initiated on December 18, 2018, the launch is towards developing a resolution plan(s) for the IL&FS group," the company said in a statement.
According to the company, the eligibility of the received EOIs is being scrutinsed.
"Interest has been received from a mix of strategic and financial players. Qualifying interested bidders will then be invited to review information on the business that would be shared with them, so as to enable them to submit commercial bids," the statement said.
"Any binding transaction for the sale of assets, as well as the resulting resolution plan(s), will be subject to requisite approvals (including the NCLT) before the transactions are concluded."
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz