Troubled infrastructure group IL&FS, which has prepared a roadmap to resolve its debt crisis is believed to be now planning an auction to sell off its roads and renewable energy projects to generate funds. According to sources, American private equity firm Lone Star Funds had approached the new board of IL&FS with an offer to buy three road projectsz but were told to express their interest through the upcoming auction. Similarly, Cube Highways had also concluded the final stages of talks with the former IL&FS board to buy five road projects. Lone Star had offered $93 million, or Rs 604.5 crore (using a conversion of Rs 65 to the dollar) for Sikar Bikaner Highway (SBHL), $291 million, or Rs 1,891.5 crore, for Jharkhand Road Projects (JRPICL), and $380 million, or Rs 2,470 crore, for Moradabad Bareilly Expressway (MBEL), totalling $764 million, or Rs 4,966 crore. Cube had offered a gross consideration of Rs 2,500 crore for five projects.
Debt crisis: IL&FS may opt for roads, renewable projects auction
