IL&FS Says It Aims To Resolve Half Its Debt By March 2020

Infrastructure Leasing & Financial Services (IL&FS) said on Tuesday it aims to resolve 50 per cent of its debt by March 2020 and had identified resolution plans for all of its 302 entities.
The indebted conglomerate's non-executive chairman Uday Kotak made the comment a year after the government replaced IL&FS management with a team he leads, following a series of defaults that triggered concerns of a bad debt crisis in India's shadow banking sector.

IL&FS has a total debt of close to a trillion rupees and Mr Kotak-led management has put several of its group companies up for sale to raise funds to pay off creditors.

The group plans to resolve a "significant quantum of addressable debt" by March 2020, it said in a progress report filed to the exchanges.

"We are quite confident that we should cross the 50 per cent mark (debt) based on our best estimate and judgment as we sit," Mr Kotak, Asia's richest banker, told reporters.

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