ITNL to bid for projects worth Rs 40 billion

Following its parent IL&FS approving a Rs 80 billion recapitalisation plan for the company, road developer IL&FS Transportation Networks (ITNL) is planning to bid for projects worth Rs 40 billion. The business plan which includes a rights issue of Rs 45 billion and another 35 billion of liquidity has been approved by the ILFS board. However, the company has Rs 55 billion worth of claims pending with NHAI and Rs 8 billion pending with the Ministry of Road Transport and Highways (MoRTH).ITNL has been facing serious liquidity crunch as it had bid for multiple BOT (Build Operate Transfer) projects that could not take off as expected.