New Delhi, July 15 (IANS) Continuing with its asset monetisation process, crisis-hit IL&FS on Monday invited expressions of interest (EOI) for commercial or office area with area of 9,600 square metres in Gujarat International Finance Tec City (GIFT) in Ahmedabad, held by Sabarmati Capital One Ltd (SCOL) and Sabarmati Capital Two Ltd (SCTL), subsidiaries of an IL&FS group company.
The two companies are wholly-owned subsidiaries of IL&FS Township & Urban Assets Ltd (ITUAL) and the commercial area put on sale consist of two buildings, “GIFT ONE” and “GIFT TWO”, IL&FS said in its invitation for EOIs on its website.
“The buildings are located on the plot (4,800 square meters each), admeasuring 9,600 square meters (‘Land’), and comprised in R.S. No 500 (Old survey no 262/1-P) of Village – Ratanpur, Taluka, Gandhinagar, District Gandhinagar, owned by Gujarat International Finance Tec City,” it said.
IL&FS in its invitation noted that Gujarat International Finance Tec City Company Ltd, has executed 99 year lease deed commencing from June 7, 2013 for the land in favour of SCOL and SCTL. The GIFTCL had granted development permission for built-up area of approximately 6,00,000 square feet each to SCOL and SCTL under development norms for utilisation on the land.
In each of these buildings, IL&FS, through its step-down subsidiaries SCOL and SCTL, owns office or commercial spaces.
The call for EOIs is a part of the asset monetisation process as per the ‘Report on Progress and Way Forward’ submitted by IL&FS to the Ministry of Corporate Affairs in October 2018 which was later filed in the Mumbai bench of the National Company Law Tribunal (NCLT).
To bid for the properties, private equity investor or foreign and domestic funds should have minimum assets under management in India of Rs 50 crore as of March 31, 2019 or committed funds available for investment or deployment in Indian companies or assets of Rs 25 crore as of March 31, 2019. For others, IL&FS said, a company should have a minimum net worth of Rs 5 crore as of March 31, 2019.
IL&FS said that the EOIs must be submitted by 6 p.m on August 26.