IL&FS addresses debt of Rs 43,000 cr so far

Tribune News Service

Mumbai, April 15

Crisis-ridden Infrastructure Leasing & Financial Services (IL&FS) on Thursday said it has addressed aggregate group debt of Rs 43,000 crore so far and expects to cross Rs 51,000 crore by September 2021.

The debt-laden group has further enhanced its estimates of aggregate debt recovery to Rs 61,000 crore eyond September 2021. Last year in October, the group had targeted to address Rs 50,300 crore of its overall debt by March 2021 and over Rs 56,000 crore by FY2022. The group’s overall debt stood at Rs 99,000 crore, as of October 2018.

Expects to cross Rs51,000 cr by Sept

• The group expects to address debt of Rs 51,000 crore by September 2021
• The addressed debt of Rs43,000 crore includes Rs26,800 crore basis completed entity monetisation initiatives and accrued cash balance

“The total money owed by IL&FS to financial creditors was Rs 1 lakh crore (including non-fund based exposures). As of today, we have broadly addressed about Rs 43,000 crore, which is roughly about 43-44% of the total debt,” group chairman Uday Kotak said while sharing the quarterly update on the ongoing resolution process.

It said the overall debt addressed is expected to cross Rs 51,000 crore by September 2021. — PTI