Indian companies seem to be on an asset selling spree in a bid to manage to raise cash and plug their ever rising debts, a study by ratings agency Crisil reveals.

In the last 18 months, Indian companies sold assets worth ₹80,000 crore with a view to lighten their debt. Most of the companies belong to the infrastructure segment, which has seen considerable stress build up as the economy slowed to a sub-five per cent growth over the last two years.

Crisil further expects that assets worth another ₹60,000 crore will come up for sale in the current fiscal.

Pawan Agrawal, Senior Director, Crisil said “The increasing trend to divest assets and raise equity is a part of corporates’ efforts to surmount the tough phase of the economic cycle. They are now refocusing on core businesses and striving to improve balance sheets.” In the past 18 months, Crisil said, 21 companies have announced 36 deals to divest assets and sell equity to raise ₹80,000 crore — nearly a fifth of their debt.

Over the past three years, the total debt of these 21 companies increased by nearly 50 per cent to ₹4.4 lakh crore as on March 31, 2014.

The analysis shows that nearly 60 per cent of the total divestment of assets was by companies operating in sectors such as power, roads and oil and gas.

Further, a good 6o per cent of the assets sold related to non-core sectors as well as overseas assets acquired during the economic upturn, primarily funded through debt.

Crisil said that with risk appetite improving, global investors have been seeking “good quality, cash-generating Indian assets,” and were involved in a quarter of the transactions by value.