The NH6 SPV, Indus and ROADIS teams reached an important milestone for the company: successfully restructuring the loan in Surat Hazira NH-6 Tollway Pvt. Ltd within the 180-day period stipulated by the guidelines imposed by the RBI on February 12th.
A particular effort because the NH6 team had to redo all its work when the Reserve Bank of India imposed new guidelines, changing conditions, and forcing us to go back on track to renegotiate with banks and rating agencies; and resolve all the legal issues in the agreement.
What happened?
When the NH6 team was about to achieve the restructuring of the project through the implementation of the S4A (Scheme for Sustainable Structuring of Stressed Assets) through debt to equity conversion, the Reserve Bank of India published new guidelines – on February 12, 2018 – whereby (i) all the previous guidelines (including the S4A) were no longer in force; (ii) gave 180 days (i.e. before August 27) for all projects with more than 2000 Crores of debt to be restructured so that by August 27 there would be no default on the lenders’ books.
ROADIS was the only company in India to achieve full implementation and fulfillment of all conditions within the time frame… quite a milestone!
For this reason, we would like to congratulate all the NH6, Indus and ROADIS collaborators: for their effort and the result obtained. At the same time, we want to transmit to everyone a lot of encouragement and illusion to continue working and achieving goals.
We do great things; and all this is possible thanks to our team!