However, a source in the know of the development told PTI that IL&FS has revalued the asset after the Rs 3,900- crore pact with Cube had lapsed this August, and the new valuation tops Rs 5,200 crore. But we cannot share specifics on the valuation or next the steps as the matter is subjudice," an IL&FS spokesperson told PTI on Sunday. "We confirm that the CNTL-Cube share purchase agreement has expired and the revised fair value is higher than earlier valuation. The project got over two dozen bidders and Cube's Rs 3,900 crore offer was the highest. The two-lane Chenani-Nashri tunnel was launched with a project cost of Rs 5,269 crore in March 2017 with concession period up to March 2032.
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