Debt-laden IL&FS said that it has executed key steps towards addressing more than ₹20,000 crore of debt.
This represents a significant interim outcome in the overall resolution process since the new board headed by Uday Kotak took over the reins, the company said in a statement. IL&FS’overall debt stands at more than ₹99,000 crore.
IL&FS also said that a critical focus of the board has been to maintain a ‘going concern’ status for companies under the group. Towards this, 55 companies were classified as ‘green’, which are servicing their obligations, said IL&FS.
Its renewable energy business has been bought over by Japanese company ORIX for a value that would cover the entire debt of ₹3,800 crore. This would also result in an equity release in excess of ₹500 crore for the group, subject to NCLT approval, the company added.
Further, measures have been taken for resolution of debt of 3 ‘amber’ companies, which are in the final stages of implementation, and will result in these companies being re-classified as ‘green’. The sale process of assets under the education and roads verticals are at an advanced stage.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.