Home >Companies >News >Have taken key steps in resolving over 20,000-crore debt: IL&FS
Its fund-based outstanding debt was  ₹94,216 crore as of 8 October, 2018 (Photo: Reuters)
Its fund-based outstanding debt was 94,216 crore as of 8 October, 2018 (Photo: Reuters)

Have taken key steps in resolving over 20,000-crore debt: IL&FS

  • The government had appointed new board headed by veteran banker Uday Kotak last October
  • Orix Japan, which is the second largest shareholder, has exercised its shareholder rights to purchase renewable energy assets for a value that would cover the entire debt of 3,800 crore

Mumbai: Infrastructure Leasing & Financial Services (IL&FS), which has an outstanding debt of 94,216 crore, said Wednesday the board has taken various steps to address over 20,000 crore of its debt pile over the past nine months.

The government had appointed new board headed by veteran banker Uday Kotak last October.

"A critical focus of the board has been to maintain a 'going concern' status for companies under the group. Towards this, as many as 55 companies were classified as 'green' which are servicing all their obligations," the company said in a statement. The group has 348 subsidiaries and associates.

It also said measures have been taken for resolution of debt of three 'amber' companies, which are in final stages of implementation and will result in these companies being re-classified as 'green'.

The 55 group businesses that are under asset monetisation process include securities business, renewable energy, domestic road vertical, alternate investment fund management, education and thermal, the company said.

Its fund-based outstanding debt was 94,216 crore as of 8 October, 2018.

Orix Japan, which is the second largest shareholder, has exercised its shareholder rights to purchase renewable energy assets for a value that would cover the entire debt of 3,800 crore and result in an equity release in excess of 500 crore for the group, subject to NCLT approval, it said.

The sale process for assets under the education and roads, environment verticals and real estate are at an advanced stage, it added.

It has also been focusing on conserving the resources through multiple initiatives, including expedited loan recoveries.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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