IL&FS
The company has received approval from government authorities for claims towards incomplete and terminated road projects. Credit: Holden Baxter on Unsplash.

India-based debt-laden Infrastructure Leasing & Financial Services (IL&FS) has reportedly secured approval from several government authorities for claims valued at around Rs27bn ($378m) towards incomplete and terminated road projects.

The NHAI Conciliation Committee recently gave its approval to a claim of around Rs7.07bn ($99m) for the ILFS-Fagne Songadh Expressway Limited project.

This project is located in the border area between the Gujarat and Maharashtra states.

Earlier, the panel gave its approval to the company’s claims worth Rs9.02bn ($126m) for the Khed Sinnar Expressway project in Maharashtra.

IL&FS received approval for its claims worth Rs6.72bn ($94m) for Kiratpur Ner Chowk Expressway Limited in Himachal Pradesh and Rs2.52bn ($35m) in Jorbat Shillong Expressway Limited in the state of Meghalaya.

The Union Ministry of Road, Transport and Highways approved claims valued at Rs1.44bn ($18m) of ITNL Road Infrastructure Development Company (IRIDCL).

The authorities have signed the settlement agreements for the Jorbat Shillong and IRIDCL projects.

In 2018, the government took control of the crisis-hit firm and appointed a new board, led by banker Uday Kotak as chairman.

Under the resolution process, the new board divested several assets to pay off debt.

Last March, the union ministry prepared guidelines for the resolution of incomplete projects and offered requirements to authorities on the foreclosure of the concession agreement and payment of compensation.

In December, IL&FS posted a standalone net loss of Rs225.27bn for the fiscal year ending March 2019. It posted revenue of Rs8.24bn, down from Rs17.34bn in the previous fiscal year.