CorporateIL&FS Transportation qualifies for Rs 16k cr projs
IL&FS Transportation Networks today said it has qualified for 15 highway projects worth Rs 16,000-crore even as it will start toll collection on the 124-km Beawar-Gomti stretch by June next year.
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"We have qualified for 15 National Highway Authority of India projects worth Rs 16,000 crore for a total of 928-km... we will start tolling Beawar-Gomti highway by June next," IL&FS Transportation Networks Managing Director Karunakaran Ramchand told PTI.
Ramchand, however, did not divulge the toll collection target for the Rajasthan project.
The Mumbai-based company is also bidding for 72 projects worth Rs 47,000 crore totalling 755 km.
It is planning to bid for "mega" projects and expressway contracts that NHAI has lined up.
"We are definitely interested in mega projects, we will target at least one," Ramchand said.
NHAI has planned 10 mega projects that require an investment of Rs 4,000 crore each. It has also lined up four expressways projects totalling 1,000-km.
Last fiscal, the company earned Rs 204 crore from toll from various highways projects and received Rs 112 crore as payment from government for construction and maintenance of other stretches.
The company has filed the draft red herring prospectus with stock market regulator SEBI for its initial public offering to raise Rs 700 crore.
"About Rs 500 crore would be towards payment of the debt... we have around Rs 1,000 crore debt at the end of the second quarter of the current fiscal," he said.
The rest of the proceeds of the IPO would be utilised for working capital and to pay back Trinity Capital, an infrastructure fund, which plans to exit from the company by diluting its entire stake in the IPO.
Trinity Capital holds 2.5 per cent stake in IL&FS.