Debt-laden IL&FS said that it has executed key steps towards addressing more than Rs. 20,000 crore of debt.
This represents a significant interim outcome in the overall resolution process since the new board headed by Uday Kotak took over the reins, the company said in a statement. IL&FS’overall debt stands at more than Rs. 99,000 crore.
IL&FS also said that a critical focus of the board has been to maintain a ‘going concern’ status for companies under the group. Towards this, 55 companies were classified as ‘green’, which are servicing their obligations, said IL&FS.
Its renewable energy business has been bought over by Japanese company ORIX for a value that would cover the entire debt of Rs. 3,800 crore. This would also result in an equity release in excess of Rs. 500 crore for the group, subject to NCLT approval, the company added.
