The board also plans to create an infrastructure investment fund for its other road assets. Kotak had earlier said that the board aims to address about 50% of the group’s debt by March 2020.

The beleaguered IL&FS posted a net loss of Rs 22,527 crore in 2018-19 on a standalone basis, against a profit of Rs 333 crore in 2017-18. Total income from operations of the company, which was involved in core investment operations, fell 52.5% to Rs 823.67 crore. The company is no longer registered as a core investment company with the Reserve Bank of ...