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Indian Defaulter IL&FS Said to Seek $4.2 Billion in Asset Sales

  • Shadow bank has 2.2 billion rupees of debt to pay by October
  • IL&FS had total debt of $12.6 billion as of March 31
General Eco as Govenment's Capital Injection Shores Up Banking Confidence
Photographer: Dhiraj Singh/Bloomberg
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Infrastructure Leasing & Financial Services Ltd., an Indian conglomerate that has missed payment on more than five of its obligations since August, is seeking to raise more than 300 billion rupees ($4.2 billion) selling assets to cut debt, according to an internal memo seen by Bloomberg.

The company, which has been categorized as a “systemically important” non-banking financial firm by the Reserve Bank of India, plans to sell 25 assets and has received investor interest for 14 of them, according to the note sent to employees by Vice Chairman and Managing Director Hari Sankaran. The company is satisfied with the valuation of the offers, Sankaran said. IL&FS didn’t respond to an email seeking comment on the note.