Il&fs Transportation Networks Limited · NSE:IL&FSTRANS
Il&fs Transportation Networks — Corporate Update (May 2023)
20 slides from Il&fs Transportation Networks's corporate update, May 11, 2023
Slide 1: ITNL Business – Overview and Status on Resolution
ITNL Business – Overview and Status on Resolution May 11, 2023
Slide 2: ITNL – Leading BOT and EPC Player in Indian Roads sector
ITNL – Leading BOT and EPC Player in Indian Roads sector Urban Infrastructure and Operations & Maintenance Road Assets EPC Division other assets (O&M) ▪ Strong track record of developing ▪ Experience of developing diverse ▪ In-house capabilities and ▪ Incorporated in 2012, Elsamex national and state
Slide 3: ITNL Resolution Process
ITNL Resolution Process • ITNL was incorporated as the transportation asset vertical of IL&FS • Under the Resolution Framework approved by the Hon’ble NCLAT, the following resolution options have been formulated and implemented based on a framework which is fair, transparent and aimed at maximizing
Slide 4: Portfolio of Assets - India
Portfolio of Assets - India ITNL Operational Operational Under Construction 1 2 3 4 Other Assets BOT Annuity Assets BOT Toll Assets BOT Assets KSFL (100%) 1A JIICL (100%) 2A RIDCOR1 (50%)y 3A SSTL (100%) 4A Sports Facility 1B CNTL (100%) 2B SBHL (100%) 3B GRBDCL (100%) 4B EPC Division2 EMSL (100%) 1
Slide 5: Divestment of the IL&FS Roads vertical
Divestment of the IL&FS Roads vertical Description Details Divestment Process initiated December 2018 Assets offered under ITNL 19 Assets Portfolio Annuity Toll - 7 nos BOT Toll Assets - 9 nos. Other Asset / Businesses - 3 nos Bids received August 2019 : 10 road assets and 1 Other Asset (Sports Stad
Slide 6: Divestment Initiatives
nnn Divestment Initiatives
Slide 7: Timeline of CNTL/ JSEL divestment
Timeline of CNTL/ JSEL divestment Description Details H1 Bidders JSEL – Sekura Roads Ltd (“Sekura”) CNTL – Cube Highways and Infrastructure Pte II Ltd (“Cube”) Bid Value Sekura – Rs 916.20 crores Cube – Rs 3929.70 crores (subsequently reduced to Rs 3906.70 crores due to applicability of revised dist
Slide 8: Post Long Stop Date
Post Long Stop Date ➢ Seller CPs could not be completed by the Extended LSD. Long Stop Date not extended further by IL&FS in view of : ▪ receipt of various representations from lenders of CNTL and JSEL to take the asset to InvIT for value maximisation and ▪ CAM’s opinion that the SPAs had terminated
Slide 9: Current status
Current status ➢ SPA : All key aspects have been discussed and agreed with bidders. The onerous CPs have been removed and deal execution/closure smoothened ➢ Lender Discussions: ▪ Sekura reached an understanding with the Senior lenders of JSEL and secured their approval on the revised bid. Post that
Slide 10: Claims and Project Settlements
Claims and Project Settlements
Slide 11: Claims Settled till date
Claims Settled till date S Name of Amount Authority Mode of Settlement Current Status No SPV (in Rs Cr) 1 FSEL NHAI 708 Claims Settled and Money Received 2 KNCEL NHAI Termination Claims – Settled 673 Claims Settled and Money Received under MORTH circular for amicable foreclosure of stuck 3 ACEL NHAI
Slide 12: Ongoing Claims
Ongoing Claims S Name Amount Authority Mode of Settlement Current Status No of SPV (in Rs Cr) • Amount payable agreed by NHIDCL is Rs. 409 Cr Termination Payment (Rs. 421 Cr less IE fees of Rs. 12 Cr). under MORTH amicable 1 SSTL NHIDCL 409 • Of this amount, NHIDCL intends to adjust Rs. 122 Cr forec
Slide 13: Ongoing Claim – EHEL
Ongoing Claim – EHEL (Rs 141 Cr, -Ve CoS Rs 48 C) • Two meetings held with HGCL MD regarding amicable settlement of all Claims including Negative COS • Verbally indicated the following for out of court settlement subject to COS issue also being settled amicably: EHEL Claim Acceptable to HGCL Bonus A
Slide 14: TRDCL claim
TRDCL ( Rs 359 Cr) • TRDCL invoked Arbitration in March 2021 and submitted claims on 5th August 2021 amounting to Rs 358.67 Cr, KRFB submitted the counter claim statement to which TRDCL to file a rejoinder by end of August 2022. Arbitration is currently in the arguments stage. • Phase-I of the proje
Slide 15: Issues- CCIE (WGEL)
Issues- CCIE (WGEL) Claims filled with CCIE S.No Head of Claim Amount Claimed Termination Claim based on Present Value of future earning 1. potential lost to the Concessionaire (net of all maintenance Rs. 220 Cr obligations including Major Maintenance) 2 Proportionate Net Negative Grant Rs. 42 Cr To
Slide 16: ITNL Offshore Entities
ITNL Offshore Entities VARIOUS OFFSHORE JURISDICTIONS IL&FS INDIA 100% ELSAMEX S.A., SPAIN + ~99 subsidiaries/ JVs IL&FS Transportation Networks Limited (ITNL) ITNL International DMCC 100% (“IIDMCC”), Dubai 49%* ITNL Infrastructure Developer LLC Parkline LLC, 100% ITNL International Pte Ltd (IIPL) (
Slide 17: Status of Offshore Entities
Status of Offshore Entities Entity Resolution JJ NCLT Status Proposed Approval approval IIPL, Singapore Liquidation ✅ ✅ IIPL – Creditors have filed a liquidation application in Singapore High Court. IIPL not to contest the same IO2PL, Liquidation ✅ ✅ Singapore IO2PL and IO3PL – Creditor’s Voluntary
Slide 18: Other recoveries and cash position
Other recoveries and cash position Rs Cr Recoveries FY19 FY20 FY21 FY22 FY23 Total A Sale of Non-Core assets 1.53 0.21 23.31 22.06 0.58 47.69 B Income Tax refund 64.47 2.16 335.09 91.05 47.10 539.87 C Indirect Tax refund 28.71 - 1.41 0.58 3.48 34.17 D Others (Loans and advances)* 82.21 32.53 7.97 8.
Slide 19: Overall Resolution Status
Overall Resolution Status Resolution status by value Entity Amount in INR Crores Estimated Overall Resolution Value (incl. cash & InvIT) 30,142 (A) Estimated Resolution achieved till date (incl. court filings and cash & InvIT) 27,776 Resolution achieved till date (in fully resolved entities) 4,643 D
Slide 20: Thank You
Thank You 20
IL&FS Transportation Networks — Corporate Update (May 2023) on 6ix