New Delhi, Jan. 23 -- ITNL Road Infrastructure Development Company Ltd (IRIDCL) has entered into a tripartite agreement with the Ministry of Road Transport and Highways (MoRTH) and the lenders of the project led by the Union Bank of India for foreclosure of the Beawer-Gomti Road Concession Agreement for Rs 144.08 crore.
"IRDCL will receive from MoRTH (Road Transport Ministry) a settlement amount of Rs 144.08 crore within seven days from the date of the agreement and thereafter will hand over the toll operation of the project of MoRTH," a statement by IL&FS Transportation Networks Ltd (ITNL) said on Thursday. IRIDCL is a subsidiary of ITNL, which in turn is a subsidiary of IL&FS.
As per the statement, the settlement was reached pursuant to...