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IL&FS Transportation Networks Limited to sell stake in WBCTRL

IL&FS Transportation Networks Limited to sell stake in WBCTRL
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Il-fs-transportation-networks-ltd , Vishvaraj-infrastructure , National-company-law-tribunal , Il-fs-transportation-networks , Vishvaraj-infrastructure-limited-buyer , Company-in-warora-chandrapur-limited , Networks-limited , Time-zone , Share-purchase-agreement , Vishvaraj-infrastructure-limited , Warora-chandrapur-ballarpur-toll-road-limited

NFRA finds lapses in SRBC & Co's FY18 audit of IL&FS arm

NFRA finds lapses in SRBC & Co's FY18 audit of IL&FS arm
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Il-fs-transportation-networks , நான்-L-ஃப்ஸ்-போக்குவரத்து-நெட்வொர்க்குகள் ,

Autopista Río Magdalena 2, Colombia | News+

Autopista Río Magdalena 2, Colombia | News+
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Prosperidad , Bolír , Colombia , Australia , United-states , Shmore , Victoria , Spain , Caucasia , Antioquia , Colombian , Australian

ETHIOPIA : Nekemte-Bure road project attempts to get back on its feet after Indian firm IL&FS fiasco

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Chongqing , China , Il-fs-transportation-networks , China-chongqing-international-construction-corp , Chongqing-international-construction-corp , சோங்க்கிங் , சீனா , நான்-L-ஃப்ஸ்-போக்குவரத்து-நெட்வொர்க்குகள் ,

Kiratpur Ner Chowk Road Project: Forensic Auditor GT Finds Glitches in Accounting of Sub-contractors in IL&FS Engg & Const

Kiratpur Ner Chowk Road Project: Forensic Auditor GT Finds Glitches in Accounting of Sub-contractors in IL&FS Engg & Const
Moneylife Digital Team
03 June 2021
Grant Thornton India LLP (GT), the forensic auditor of IL&FS Engineering and Construction Co Ltd (IECCL), has found anomalies pertaining to accounting related with sub-contractors in the company's Kiratpur Ner Chowk (KNC) Road in the States of Punjab & Himachal Pradesh. IECCL was doing this project for its sister concern IL&FS Transportation Networks (ITNL).

In the report, GT, says, "The responses given by the representative of IECCL provide clarification on recording the cost for the KNC project. However, our anomaly highlighted that the excess recording of expenditure on the KNC project based on email evidence, was not addressed by the representatives of IECCL."

Kiratpur , Uttar-pradesh , India , Himachal-pradesh , Ashutosh-chandwar , Suguna-mudundi , Mukund-sapre , Surjit-singh , Thakurprasad-singh , Grant-thornton-india , Il-fs-transportation-networks , Construction-co-ltd

Pune-Solapur Road Project: Forensic Auditor Finds Bogus Purchase Transactions, Anomalies in Appointing Sub-contractors in IL&FS Engg & Const

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Grant Thornton India LLP (GT), the forensic auditor of IL&FS Engineering and Construction Co Ltd (IECCL), has found instances of potential bogus purchase transactions, and anomalies pertaining to sub-contractors in the company's Pune-Solapur Road project. IECCL was doing this project for its sister concern IL&FS Transportation Networks (ITNL).

Poddar Enterprises and Jagdamba Traders were steel vendors for the Pune-Solapur Road project. GT says, "We identified an email dated 29 December 2010, which was sent by Rajesh Sunkaraveera to Naresh Penumetcha, both from IECCL, with regard to the purchase of steel from Poddar Enterprises and Jagdamba Traders where it was mentioned that inward receipt notes (IRN) were generated against the purchase order (PO) amounting to Rs1.64 crore. However, actual material or steel was not received at the site."

India , Solapur , Maharashtra , Pune , Asvin-jagirdar , Subbaraju-kallepali , Naresh-penumetcha , Vimal-kaushik , Engg-const , Sandeep-garg , Gautam-sadasvia , Dreamax-infra-developers

CAM acts for IL&FS on $141.6m Chinese road asset sale

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In Brief
Friday, 16 April 2021 18:38
Projects
“Debt-laden Infrastructure Leasing and Financial Services (IL&FS) has completed the sale of its 49% stake in a Chinese expressway project, that will help the company address debt worth Rs 2,600 crore.”, reports The Economic Times.
The transaction involved sale of 49% shareholding amounting to INR 1035 crores ($141.6M) held by the Singapore based subsidiary of IL&FS Transportation Networks, ITNL International Pte Ltd. (IIPL) in Chongqing Yuhe Expressway Company Limited (CYEC) to China Merchants & Ping An Fund.

China , Hong-kong , Singapore , Chinese , Aditya-sikka , Aishwarya-gupta , Misha-patel , Drishti-das , Abhijeet-das , Gaurav-gupte , Cyril-amarchand-mangaldas , Junhe

IL&FS board revises debt recovery target upwards to Rs 61,000 crore

Read more about IL&FS board revises debt recovery target upwards to Rs 61,000 crore on Business Standard. The board has already addressed debt of Rs 43,100 cr so far and is looking to address about Rs 8,000 cr in the next six months

Tripura , India , Paradip , Orissa , Mangalore , Karnataka , Tamil-nadu , Dighi , Bihar , Sabarmati , Gujarat , Haryana

Stocks to watch: Tata Motors, RIL, Adani Enterprises, Britannia, SAIL

Stocks to watch: Tata Motors, RIL, Adani Enterprises, Britannia, SAIL
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Shikohabad , Uttar-pradesh , India , Odisha , Orissa , Singapore , Pune , Maharashtra , Romania , Bihar , Olectra-greentech , Khushru-jijina

IL&FS subsidiary receives Rs 1,804 crore from NHAI as settlement

An arm of IL&FS has received Rs 1,804 crore as claim settlement from the National Highways Authority of India (NHAI). This will help the subsidiary address its Rs 3,500-crore debt.
“The NHAI and ministry of road transport and highways have settled aggregate IL&FS claims of over Rs 1,804 crore across six road projects,” said an official statement.
IL&FS Transportation Networks (ITNL), a subsidiary of IL&FS, on March 31, 2021, received a settlement amount of Rs 673 crore for Kiratpur Ner Chowk Expressway (KNCEL) and around Rs 20 crore towards claims for Chenani Nashri Tunnelway (CNTL) from NHAI. The KNCEL project was foreclosed under the ministry of road transport and highways guidelines of March 2019 for incomplete or stalled projects.

India , Chenani-nashri , Baleshwar-kharagpur , Il-fs-transportation-networks , Infrastructure-investment , Authority-of-india , Road-infrastructure-development-company , National-highways-authority , Kiratpur-ner-chowk-expressway , Chenani-nashri-tunnelway , Fagne-songadh-expressway , Jorabat-shillong-expressway