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IL&FS To Sell Share Of Dubai JV To NextGen Parking

Infra News - Published on Mon, 24 Jun 2019

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Arabian Business, citing government sources in India, reported that a JV to provide a robotic automated parking system at Dubai Courts could be dissolved. ITNL Infrastructure Developer LLC, a subsidiary of troubled Indian company IL&FS Transportation Networks Ltd, had launched Park Line LLC, to partner with NextGen Parking for the USD 79 million project, which was secured in 2016. At the time, IL&FS described it as the first Private Finance Initiative project in the transport infrastructure sector in the country. But sources say NextGen is likely to buy out its partner.

A senior federal corporate affairs ministry official said that “ITNL’s partner in the Dubai JV has shown interest in buying out its stake under the 'first right of refusal' provision. The matter has been referred to the team under retired Supreme Court judge Justice D K Jain, who is supervising the entire debt resolution process of Infrastructure Leasing & Financial Services Ltd.”

The Dubai Supreme Court project involved developing 1,232 car parking spaces along with the ancillary retail and office space of approximately 300,000 square feet, including the Supreme Court area, on a design, build, finance, operate and transfer basis with a concession period of 30 years.

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Posted By : Mohan Sharma on Mon, 24 Jun 2019
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