The capital markets regulator has approved the setting up of IL&FS’ infrastructure investment trust (InvIT) that would take over at least 10 road projects of the troubled infrastructure financier to resolve debt of nearly Rs 13,000 crore ($1.77 billion).
Key lenders including State Bank of India, Punjab National Bank, Canara Bank, Bank of India and Indian Overseas Bank shall distribute the units of the InvIT among each other, people familiar with the development told The Economic Times.
IL&FS’ spokesperson Sharad Goel confirmed that the proposed InvIT will have seven special purpose vehicles (SPVs) in the first phase and four SPVs in phase two.
Meanwhile, Anil Agarwal-led Vedanta has emerged as the sole bidder for Videocon’s 25% stake in Ravva oil and gas field located in the shallow offshore area of the Krishna-Godavari basin on the eastern coast of India, a Business Standard report said.
Videocon is undergoing insolvency proceedings and a separate bidding process is being undertaken for the Ravva block.
Vedanta, through its Cairn Oil & Gas vertical, already owns 22.5% in the field. While ONGC holds 40%, Ravva Oil holds 12.5% stake in the field.