Infrastructure Leasing and Financial Services (IL&FS) has received approval for sale of Jorabat Shillong Expressway to Sekura Roads. Sekura Roads is backed by Edelweiss Infrastructure Yield Plus, an infrastructure Category-I alternative investment fund. JSEL is a wholly-owned subsidiary of IL&FS Transport Network (ITNL). It has been classified as an amber company. Sekura Roads had bid Rs 916 crore for the 100 percent stake in Jorabat Shillong Expressway (JSEL). JSEL is a four-lane highway from Jorabat to Shillong on NH-40, which connects Shillong, Mizoram and Tripura with Guwahati. SRL had emerged as the highest bidder for JSEL and the same was ratified by the Committee of Creditors (CoC) of ITNL and JSEL.
The group will now seek approval from the National Company Law Tribunal (NCLT) and The National Highways Authority of India (NHAI) to complete the sale transaction. On completion, the transaction will address over Rs 1,600 crore of IL&FS debt. The proceeds of the sale of the asset will be distributed in accordance with the resolution framework approved by NCLT.