Crisis-hit IL&FS lays road map to cut 57% of Rs 99,000 crore debt

Infrastructure Leasing & Financial Services (IL&FS) laid down a road map on Monday to resolve 57 per cent of the group’s nearly Rs 1 trillion debt pile. The group said debt worth Rs 50,500 crore would be pared by the end of financial year 2020-21, and resolution of an additional Rs 6,650 crore would continue beyond FY21.

This takes cumulative debt to be addressed to Rs 57,240 crore, or 57 per cent of the group’s total debt of Rs 99,000 crore.

In October also the group had said it expected to resolve, recover, or restructure at least half of the group’s debt, and aimed to achieve a significant part of it by March 2020. But as of June, only 18 per cent of the entire debt amounting to around Rs 17,640 crore had been pared, and number of entities were reduced to 276 from 347.