Roads articles

IL&FS engineering arm in an even bigger mess

Troubled shadow bank lender IL&FS’s even more troubled arm — IL&FS Engineering — owes creditors Rs 2,967.59 crore despite having a paid-up capital of just Rs 131 crore, which means it has an unbelievably unviable debt-to-equity ratio of 22.6:1, which means it has borrowed Rs 22 for every rupee it has of its own funds.