New Delhi, May 14 (PTI) IL&FS has completed transfer of its fifth road asset - Pune Sholapur Road Development Company Limited (PSRDCL) - to Roadstar Infra Investment Trust (Invit) as part its debt resolution strategy.

With this transfer, secured lenders of this asset will get full recovery of their dues under the Invit structure while the group lenders will be issued Invit units as settlements for their loans, IL&FS said in a statement.

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The four road assets that have already been transferred to the Invit structure include - Moradabad Bareilly Expressway Limited (MBEL); Sikar Bikaner Highway Limited (SBHL); Hazaribagh Ranchi Expressway Limited (HREL) and Thiruvananthapuram Road Development Company Limited (TRDCL), it said.

The total Enterprise value of Invit, with these five assets, now stands at around Rs 7,300 crore.

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The new IL&FS Board, as part of its strategy to resolve Rs 99,000 crore debt (as of October 2018), had opted to use the Invit route to address nearly Rs 15,000 crore debt under its road assets.

As per the January filings by the group, a total of 10 road assets are to be transferred under the Invit structure, in phases, with only five road assets transferred till date.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)