In an attempt to its monetise assets, the bankrupt IL&FS group has put its 2,880-acres of non-contiguous land banks spread across seven villages in the Kutch region of Gujarat for sale. The company has invited expressions of interest from interested parties for selling the land parcels owned by three subsidiaries of IL&FS Group in the state.
The three subsidiaries– Avash Logistic Park, Sealand Ports and Gujarat Integrated Maritime Complex– collectively own these 2,880 acres of non-contiguous landbank spread across Mota Layja, Godhra, Bayath, Undoth, Ratadiya, Nana Layja and Kathda villages in the Kutch district. Property consultant Jones Lang LaSalle is assisting the group for potential transactions.
The IL&FS group owes close to Rs 1 trillion to over 40 banks and financial institutions, and was sent to bankruptcy court last October after a string of defaults by a few of its 348 subsidiaries and the resultant credit downgrades. In newspaper advertisement,the company said large land parcels are connected to NH-8-A and are in close proximity to the Mundra and Kandla ports, are suitable for heavy industries, warehousing or for setting up solar/wind farms.
Apart from this, the company has also offered contiguous land parcels of 150-450 acres. As per statistics of JLL, the Kutch region has around 4,000 industries employing 3.75 lakh. In the past five years, as many as 133 projects worth USD 7.5 billion were set up in the district, which is nearly 22 percent of investments that the state received during the period.