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IL&FS sells stake in WCBTRL, resolves Rs 324 cr group debt

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IL&FS Group on Friday said it has completed the sale of its 35 per cent stake in Warora Chandrapur Ballarpur Toll Road Limited (WCBTRL).

Accordingly, the stake was sold to IL&FS’ majority joint venture partner Vishvaraj Infrastructure Limited (VIL).

“The sale entails VIL taking over entire external debt of WCBTRL amounting to Rs 306 crore, providing equity value of over Rs 12 crore and settling IL&FS Group dues amounting to Rs 6 crore – thereby resolving Rs 324 crore from the overall IL&FS Group debt of approx. Rs 99,000 crore, as of October 2018,”

“The Group had already received requisite approvals from the ITNL CoC, Supreme Court Justice (retd) D.K. Jain and Hon’ble NCLT to complete the transaction.”

As per the statement, the key lenders to the project — Bank of India, Indian Overseas Bank and India Infrastructure Finance Company Ltd (IIFCL) — have all approved the sale and change in ownership.

“As part of the resolution, the new Board had earlier followed a public process to sell the Group’s minority stake in WCBTRL but it received no interest from buyers. Thereafter, the majority partner, VIL, evinced interest in purchasing the stake.”

“The new Board, after receiving fair market and liquidation values from two independent valuers, took the decision to sell the stake to the majority partner.”

Notably, the company was promoted by IL&FS Transportation Networks Limited (ITNL), an IL&FS subsidiary, with 35 per cent stake while the balance 65 per cent is held between Vishvaraj Infrastructure Limited and its associate company Diva Media.A

WCBTRL built a four lane highway project connecting Warora, Chandrapur and Ballarpur traversing along three different highways of SH-264, SH-266 and SH-267 in the state of Maharashtra.

The highway was built under the Design-Build-Finance-Operate-Transfer (Toll) model.

The 64 km project, developed at a cost of Rs 689 crore, has a concession validity till January 2041 granted by the Public Works Department, Government of Maharashtra.

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15th Rozgar Mela: EPFO hands over job letters to 976 new recruits

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New Delhi, April 26: The Employees’ Provident Fund Organisation (EPFO) on Saturday handed over appointment letters to 976 new recruits as part of the 15th edition of the Rozgar Mela.

The Rozgar Mela was held across 47 locations nationwide. The event, addressed by Prime Minister Narendra Modi via videoconferencing, saw the distribution of over 51,000 appointment letters to newly inducted youth in various government departments, including EPFO.

“As part of this significant recruitment drive, EPFO welcomes new recruits to strengthen its workforce, ensuring efficient delivery of social security services to millions of subscribers across India,” said the Labour Ministry.

Appointment letters to 345 Accounts Officers/Enforcement Officers and 631 Social Security Assistants were issued as part of the drive.

The newly-appointed personnel will contribute to EPFO’s mission of providing provident fund, pension, and insurance benefits, supporting the government’s vision of a robust and inclusive economy.

EPFO has established recruitment vertical in head office to ensure regular recruitments and developed a recruitment calendar complying with directions of Union Minister of Labour and Employment, Dr Mansukh Mandaviya.

“During last one year, EPFO has recruited 159 Assistant Provident Fund Commissioners, 84 Junior Translation Officers, 28 Stenographers, 2674 SSAs among others. Further recruitment of APFCs, EO/AO, PAs and ASOs are underway,” according to the ministry.

The Rozgar Mela aligns with the Prime Minister’s commitment to prioritizing employment generation and empowering youth for nation-building.

EPFO’s participation underscores its dedication to transparent and merit-based recruitment, leveraging modernized processes to enhance service delivery. The new recruits will have access to training through the iGOT Karmayogi platform, besides formal training enabling them to upskill and excel in their roles.

EPFO said it extends its congratulations to all appointees and reaffirms its resolve to foster a future-ready workforce that drives India’s social security framework towards greater heights.

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Steel backbone of our economy, coal and mines strong foundation: G Kishan Reddy

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Mumbai, April 26: Steel serves as the backbone of India’s economic progress and a vital enabler of the national vision for ‘Viksit Bharat 2047’, Union Minister of Coal and Mines, G Kishan Reddy, said on Saturday.

Addressing the 6th edition of ‘Steel India 2025’ here, the minister highlighted how India is setting new global benchmarks in infrastructure development, from the Chenab Bridge in Jammu and Kashmir, the world’s highest railway bridge, to the historic Pamban Bridge in Tamil Nadu — all made possible by the growing strength of the steel sector.

Every milestone in the nation’s infrastructure journey, he remarked, is forged in steel — reflecting the momentum and aspirations of a Nation on the move.

Reddy further stated that India’s steel sector has grown at an impressive pace in recent years, positioning the country as the second-largest steel producer globally.

Citing the words of Prime Minister Narendra Modi, the minister referred to steel as India’s “Sunrise Sector” — a key driver of domestic consumption, industrial expansion and self-reliance through the Atmanirbhar Bharat Abhiyaan.

Reddy expressed confidence that through close collaboration between the Centre, state governments and industry stakeholders, India will not only meet its raw material requirements domestically but also emerge as a global leader in sustainable, self-reliant steel production.

He urged all participants at the conference to contribute actively to shaping policies that will secure a greener and more resilient future for the nation’s steel ecosystem.

The Union Minister emphasised that if steel forms the backbone of India’s economy, the coal and mining sector represents the strong foundation on which it rests.

He highlighted the importance of raw material security, especially in the context of the current session on Raw Material Strategy and the Shift in Raw Material Mix.

Ensuring the availability of critical raw materials like iron ore, coking coal, limestone, and essential alloying elements such as manganese, nickel, and chromium, he noted, is both an economic necessity and a strategic imperative.

India recently achieved a landmark milestone of 1 billion tonnes of coal production and dispatch in the last financial year — a transformative step toward national energy security.

While efforts to enhance renewable energy are underway, the minister reaffirmed that coal will remain central to India’s energy and industrial landscape in the foreseeable future.

Focusing on coking coal, a critical input in steel manufacturing, Reddy pointed out that it constitutes nearly 42 per cent of steel production costs. India currently imports around 85 per cent of its coking coal needs, rendering the industry vulnerable to international price volatility and supply chain disruptions.

The minister called upon private stakeholders to actively participate in washeries, beneficiation plants, and block auctions. Pulverised Coal Injection (PCI) trials using domestic coal have already shown promise for import substitution, and greater innovation in beneficiation can further improve outcomes.

The minister also emphasised the importance of timely utilisation of greenfield mines, as reiterated by the Prime Minister.

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Foreign investors make notable return to Indian equity markets in April

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New Delhi, April 26: Foreign investors have made a notable return to Indian equity markets this month, emerging as net buyers over the past two weeks, analysts said on Saturday.

In just the last seven trading sessions, foreign portfolio investors (FPIs) have turned decisively positive on Indian equities. This shift is largely attributed to a weakening US dollar, revisit of tariff agreements and a renewed sense of optimism surrounding India’s economic trajectory.

“Amid a challenging global backdrop, marked by sluggish growth in major economies like the United States and China, India continues to stand out higher for its economic resilience,” said Manoj Purohit, Partner and Leader, FS Tax, Tax and Regulatory Services, BDO India.

India is forecast to grow at a robust rate of over 6 per cent in FY26 and remains the only fastest-growing economy, making it a compelling destination for global investors.

“FPI inflows are expected to remain strong in the near term, providing additional support to the ongoing market rally. As global investors reassess their strategies, India’s economic fundamentals and earnings potential position it as a beacon of stability and growth in a turbulent events happening globally,” Purohit explained.

This month (till April 24), FPIs purchased equities worth Rs 22,716.43 crore while they sold equities worth Rs 17,196.33 crore, with net investment of Rs 5,520.1 crore.

Last month, FPIs ramped up buying in the second half of March 2025, driving a recovery in select sectors. BFSI led the inflows with a turnaround from $380 million selling to $2,055 million buying, netting $1,675 million for the month.

Telecommunications and metals and Mining also saw net inflows of $360 million and $219 million, respectively, according to a recent note by Bajaj Broking. Overall, FPI interest remained focused on BFSI, with most other sectors facing continued selling pressure.

With a strong economic outlook, policy reforms and a resilient market, India remains an attractive destination for global capital. The government’s continued focus on infrastructure, digital growth, and ease of doing business further boosts investor confidence.

The recent move by RBI to keep the existing corporate bond and G-sec limits unchanged for foreign portfolio investors (FPIs) is a testimony of the government’s intent to keep gateway open for offshore participants to continue infusing funds in India market.

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