The Infrastructure Leasing & Financial Services (IL&FS) board on Wednesday presented a status report on the group’s financials and the asset monetisation plan, six months after the government-appointed panel took over the reins of the company. The board said the asset monetisation plan for the beleaguered infrastructure finance player was in good shape as far as the assets put up for sale were concerned, and that it expected the resolution process to accelerate.
The board also said the financial arm of the group had posted gross non-performing assets (GNPA) of 90 per cent in December 2018 as against 5.3 per cent in March 2018, and the group’s net worth had seen significant erosion. IL&FS Financial Services’ (IFIN’s) GNPA as a percentage of advances would be the highest by any financial institution involved in lending.
