IL&FS arm put Rs 4.6 billion into Rajasthan's road project before contract

Among the interesting stories coming out of the Infrastructure Leasing & Financial Services (IL&FS) conglomerate is one where a group entity, IL&FS Transportation and Networks (ITNL), put Rs 4.6 billion in a project in Rajasthan that was not formally given to it. The amount was close to a third of the entire estimated cost of the project, a four-laning expansion of the Gomti–Beawar stretch.
The project was being put through a special purpose vehicle named ITNL Road Infrastructure Development Company (IRIDCL) for the Ministry of Road Transport and Highways. ITNL put in ...