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In a curious case, IL&FS Transportation Networks (ITNL) has borrowed an amount as low as Rs 450 million from one of its special purpose vehicles (SPVs). The road SPV, in turn, had to dip into its emergency funds to loan the amount.
“North Karnataka Expressway Limited (NKEL) has withdrawn a sum of Rs 450 million from its designated accounts which include the Debt Service Reserve Account (DSRA), Major Maintenance Reserve Account (MMRA) and Contingency Reserve to provide a loan to its sponsor, IL&FS Transportation Networks Limited (ITNL)," CARE Ratings said in a note dated September 4 on NKEL which downgraded
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