Chenani-Nashri Tunnel

The lenders have approved IL&FS Group's proposal to restructure the Rs 5,500 crore debt of its subsidiary Chenani Nashri Tunnelway (CNTL), which offers almost full repayment to them. The move comes after the company has revalued itself at Rs 5,257 crore now after the deal with Cube Highways of Singapore failed last year, due to regulatory delays, for a consideration of Rs 3,900 crore. The three-day voting opened on March 21 and saw the lenders favouring debt recast as it offers them 99 per cent of their money while unsecured lenders will get back 90 per cent. The new proposal values the company at Rs 5,257 crore and will address Rs 4,910 crore of the IL&FS Group debt. An IL&FS spokesperson confirmed the development, saying we have got the requisite approvals from the lenders to restructure the debt of CNTL. The proposal entails CNTL converting itself into a green entity, with secured and unsecured lenders getting over 99 per cent and 90 per cent of the principal amount, ...

Highlights of Chenani-Nashri tunnel, Asia longest bi-directional road tunnel inaugurated on Sunday

Union minister Nitin Gadkari today said fresh works worth Rs 7,000 crore would be commenced by Ministry of Road Transport and Highways in next two year in Jammu and Kashmir. "I want to assure you that in coming two years we will start works worth Rs 7,000 crores in the state," he said at a rally after the inauguration of Asia's longest road tunnel on Jammu-Srinagar National Highway. "I am happy that the Prime Minister has dedicated the biggest road tunnel to the nation," he said after Prime Minister Modi inaugurated the Chenani-Nashri tunnel, that will reduce the travel time between Jammu and Srinagar by around 2 hours and the distance between the two cities by 31 km. "We are building 13 new project in Jammu and Kashmir and I hope that it will further strengthen the road network and road communication for the people," The Union Minister of Road Transport & Highways and Shipping said. He said work of prestigious ring roads in Jammu and Srinagar would start in next three ...