IL&FS Transportation Networks’ material subsidiary -- Elsamex SAU, Spain has received approval from Board of Directors for initiation of voluntary insolvency proceedings in Spain. The board has conducted a detailed analysis of the evolution of Elsamex, the financial risks, the lack of liquidity to meet the due dates and the latest court resolutions
IL&FS Transportation Networks is an India-based surface transportation infrastructure company. The company is a developer, operator and facilitator of surface transportation infrastructure projects, taking projects from conceptualization through commissioning to operations and maintenance under public to private partnership on build-operate-transfer (BOT) basis.
