Shares will be sold as individual assets or as a portfolio.
The Indian infrastructure firm is planning to seek expressions of interest for the domestic road assets held under its subsidiary IL&FS Transportation Networks (ITNL).
Assets put up for sale include seven operating annuity-based road projects and eight operating toll-based road schemes totalling approximately 1,774km and 6,572km in length respectively.
The sale will also include four road projects currently under construction, three other engineering procurement construction (EPC) and operations and maintenance (O&M) businesses, as well as a sports complex located in Thiruvananthapuram, India.
ITNL is the biggest debt-laden subsidiary of IL&FS and includes some of the valuable assets expected to generate interest from investors including global private equity and pension funds.
The sales are part of the new board’s revival plan that was approved by the insolvency court on 31 October.
India’s government had earlier took control of the troubled infrastructure group after a number of defaults.
IL&FS and its 347 subsidiaries have a debt of approximately Rs910bn ($12.81bn).
Any binding transaction for the assets sale, as well as the resulting resolution plans, will be subject to obtaining all necessary approvals prior to implementing the transactions.
Arpwood Capital and JM Financial have been appointed as financial and transaction advisers. They will oversee the sale of IL&FS’ assets along with resolution consultant Alvarez & Marsal.