IL&FS misses debt resolution target by Rs 7,300 crore in September quarter

Debt-laden Infrastructure Leasing and Financial Services (IL&FS) Group, which had earlier estimated to address debt of around Rs 8,800 crore in the second quarter of FY21, on Saturday said it has been able to address debt of just around Rs 1,460 crore during the period due to Covid-19 related delays.

The group said the Rs 7,300-crore shortfall in the September target has been rolled over for achievement in subsequent quarters.

The cash-strapped group has, however, maintained its earlier estimates of addressing more than 50 per cent of the overall debt of over Rs 99,000 crore as of October 2018.

“As compared to the previous update, the Rs 7,300-crore shortfall in target for debt addressed by September 2020 is being rolled over for achievement in subsequent quarters,” the group said in a release.