India Digest: I Squared, NIIF bid for IL&FS’ road assets; Advent eyes ABCL

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Global infrastructure investment fund  I Squared Capital and NIIF are among the bidders for IL&FS’ road assets. Separately, Advent is in advanced negotiations to invest Rs 1,200-1,300 crore in Aditya Birla Capital Ltd (ABCL) for a 6-7 per cent stake.

I Squared Capital, NIIF among bidders for IL&FS road assets

Global infrastructure investment fund I Squared Capital, the National Investment and Infrastructure Fund (NIIF), Singapore’s Cube Highways, and Edelweiss Financial Services are among bidders for Infrastructure Leasing & Financial Services’ (IL&FS) road assets worth about Rs20,000 crore, The Economic Times reported.

About 14 entities have submitted bids for 10 road assets with debt of Rs17,700 crore, the report said adding that these assets account for nearly a fifth of total IL&FS group debt. The assets are spread across Jharkhand, Tamil Nadu, Maharashtra, Rajasthan, West Bengal, Meghalaya and Uttar Pradesh.

Advent eyes Aditya Birla Capital

US private equity group Advent is in advanced negotiations to invest Rs 1,200-1,300 crore in with Kumar Mangalam Birla-led financial services holding company Aditya Birla Capital Ltd (ABCL) for a 6-7 per cent stake, The Economic Times reported.

The deal will involve a mix of primary and secondary infusion of capital. ABCL’s board had already obtained an enabling resolution to raise up to Rs 3,500 crore of equity capital earlier this year.

PremjiInvest, the family investment arm of Wipro founder Azim Premji, is an investor in the company.