Govt takes over 3 road projects of debt-ridden IL&FS
The government is set to take over three under-construction national highway projects that were being executed by debt-ridden IL&FS Group. The projects will be owned by the ministry of road transport and highways after the parties reached a settlement of about ₹200 crore with the group's lenders. The projects will be re-tendered for completion, said an industry insider, adding that this out of court settlement has been reached under a new framework. As per the guidelines, recourse may be taken for foreclosure of an EPC agreement by a mutually agreed and executed agreement between the parties for projects awarded under the EPC mode, which qualify as stuck projects. The concerned authority (NHAI/NHIDCL/PWD) would pay for the executed or completed work in terms of milestone payment criteria set forth in the agreement. The settlement for projects constructed by IL&FS has been reached broadly on the basis of these guidelines, said official sources, reiterating that this is the right way to move forward on such projects, otherwise these would linger on, resulting in increasing the cost of construction of remaining balance work.
📅Published on:
23 May 2019
🔗Share:
We Value Your Comment
⭐How useful is this information?
Submitting...
03
Thanks for your rating! ✌️ We’d love to hear more - share your thoughts by leaving a comment
Allcargo Logistics Limited has announced its initiative to enable FMCG companies to navigate increasingly fragmented inventory flows through integrated,
GHV Infra Projects Limited has secured a road construction and civil works contract worth Rs 815 crore from APCO Infratech Private Limited in Maharashtra.
JCB India announced the inauguration of a new facility of its dealer, Caculo Earthmovers in Karaswada, North Goa, further strengthening its presence in the
The Godhra–Vadodara section of the Delhi–Mumbai Expressway has been completed and opened for traffic on a trial basis from April 13, 2026, according to the
The Rajasthan State Industrial Development and Investment Corporation will invest Rs 1,200 crore to upgrade infrastructure across more than 450 industrial
Dubai has completed its first air taxi station near Dubai International Airport, marking a major step toward launching electric air mobility services later
Informa Markets in India is gearing up to host the 23rd edition of Roof India, Asia’s premier exhibition for roofing and allied products, from 23–25 April 2026
NBM Media
30+ years of reporting on infrastructure, construction, architecture, & real estate across print, digital, and social media.
