Ilfs

IL&FS Group sells stake in ONGC Tripura to GAIL for Rs 319 crore

The 26 per cent stake that IL&FS had in OTPC has been valuated at Rs 1,227 crore for this transaction

Anil Ambani's RCap is an example of why RBI hates big business in banking

Company joins a long list of Indian shadow banks that have keeled over since the sudden collapse of infrastructure financier IL&FS Group in September 2018.

Debt-laden IL&FS says it has completed stake sale in Prime Terminals FZC

Debt-laden Infrastructure Leasing and Financial Services (IL&FS) on Wednesday said it has completed the sale of its 71.84 per cent stake in IL&FS Prime Terminals FZC to VTTI Terminal I BV. The transaction has resolved the group's outstanding debt to the tune of Rs 757.79 crore, a release said. IL&FS' stake in IL&FS Prime Terminals FZC (IPTF), a state-of-the art energy storage terminal situated in the UAE's Fujairah, was held through IL&FS Maritime Infrastructure Company (IMICL). VTTI has acquired the stake from IMICL and other shareholders, the release said. VTTI will now own 90 per cent of the terminal, while the other 10 per cent will remain with the Fujairah government, the group said. The sale has also enabled release of a corporate guarantee of USD 110 million issued by IMICL for IPTF, it said. Recently, the IL&FS board had announced that the group has resolved over Rs 52,000 crore debt while maintaining its overall debt resolution estimate at Rs 61,000 ...

ILFS resolves Rs 52,200 cr debt, to address Rs 4,800 cr more by Mar: Kotak

The company is sitting on a cash balance of Rs 16,700 crore as of end-October, when it completed the third year of its bankruptcy

Gurgaon Metro Project case: IL&FS gets Rs 1,925 cr from Haryana govt

The payment, duly received in escrow accounts, comes in compliance of the Supreme Court order of March 26, 2021 that ruled in favour of IL&FS in the Gurgaon Metro Project

Four years after Modi push, no Indian firm in top league of auditors

Some prime slots are at best held by Indian arms of foreign firms with roots in Europe; govt itself favours the big four for mega advisory roles like disinvestment or asset monetisation

How a giant collapsed

The story starts 30 years ago, when former Citibanker, Ravi Parthasarathy , IL&FS' chief, set up the company to beef up India's infrastructure-building capabilities.

Indian Bank declares IFIN account as fraud with over Rs 408 cr outstanding

In October, Punjab and Sind Bank had also reported the account of IFIN as fraud with outstanding dues of over Rs 561 crore to the RBI

Confident of achieving debt resolution numbers: IL&FS MD C S Rajan

Edited excerpts from an email interview with C S Rajan, managing director, IL&FS:

IL&FS board faces challenges as resolution takes a Covid-19 knock

With real estate valuations falling and other deals coming unstuck, the current management's improved target faces significant challenges

NCLT approves sale of IL&FS' education assets to Falafal Technology

IIDMCC is the wholly-owned subsidiary of ITNL International Pte Limited (IIPL), which in turn is a wholly-owned subsidiary of IL&FS Transportation Networks Ltd

Covid-19 crisis: Each bank to decide on granting moratorium to NBFCs

However, there was no clarity on whether the finance companies that borrow from banks would get the option to delay payments to their lender banks.

Lest we forget

Sub-optimal responses against viral pandemics and crony lending would keep resurfacing if voters do not hold govts accountable

RCEP offer 'was not as much as our aspirations', says FM Sitharaman

She also said that she held discussions with credit rating agencies on their methodology to assess risk

IL&FS money laundering case: ED summons Raj Thackeray, Manohar Joshi's son

The Enforcement Directorate (ED) has summoned MNS party chief Raj Thackeray in connection with its money laundering probe in the IL&FS alleged payment default crisis case, officials said on Monday. It had also called Unmesh Joshi, son of former state chief minister and Shiv Sena leader Manohar Joshi, in the same case after which he deposed before the central agency in Mumbai on Monday, they said. Unmesh Joshi's statement has been recorded under the Prevention of Money Laundering Act (PMLA), they said. Officials said the Maharashtra Navnirman Sena (MNS) chief has been asked to appear before the investigating officer of the case on August 22 at the agency's zonal office in Mumbai. The MNS dubbed as "political vendetta" the ED move to issue the notice to its cheif to join investigations. "Raj Thackeray created a sensation during the Lok Sabha poll campaign earlier this year. It had a significant impact on people and to avoid a similar challenge ahead of the Maharashtra Assembly ...

Don't expect solid outcome: Uddhav on ED notice to MNS chief Raj Thackeray

A day ahead of Raj Thackeray's scheduled appearance before the Enforcement Directorate (ED) here in connection with an IL&FS probe, the MNS chief seems to have found an unexpected support from his estranged cousin and Shiv Sena president Uddhav Thackeray on Wednesday. Sena is the ruling partner of the BJP in the Central and Maharashtra governments. Raj has been summoned by the anti-money laundering agency in connection with its probe into the alleged irregularities relating to loans and equity investment worth over Rs 450 crore by IL&FS in Kohinoor CTNL Infrastructure Company. The firm was founded by former Maharashtra chief minister Manohar Joshi's son Unmesh, Raj Thackeray, and latter's close aide and builder Rajan Shirodkar to purchase and develop the land of the defunct Kohinoor Mill. Raj had reportedly exited from the company in 2008. Questionning of Unmesh has been going on at the Mumbai office of the ED since August 19. "I do not expect any solid outcome ...

IL&FS gets creditors' nod to sell education business for paring debt

IL&FS Group on Tuesday said it has received approval from creditors for sale of education business to Career Point Publications Pvt Ltd (CPPPL). Schoolnet India Ltd (erstwhile IL&FS Education & Technology Service Ltd) would be sold to CPPPL. The Committee of Creditors (CoC) represents all the financial creditors to IL&FS Ltd, the holding company of the IL&FS Group. According to a release, CPPPL's financial bid was approved by more than 78 per cent of IL&FS's creditors, in terms of value, through an e-voting process that concluded on November 5. Sources said the outstanding debt for this business amounts to Rs 600-650 crore. The transaction marks the latest step towards overall resolution of debt totalling around Rs 94,000 crore. IL&FS Group holds 73.70 per cent stake in Schoolnet India Ltd (SIL). The latter has 80 per cent stake in IL&FS Skill Development Corporation (ISDC) and also has two subsidiaries -- IL&FS Cluster Development Initiative (ICDI)

We'll recover at least 50% of group's debt by March 2020, says IL&FS

The group is in the process of addressing Rs 36,400 crore of debt till date, of which recovery or resolution of at least Rs 30,000 crore is expected, it says

BS Fund Manager: Credit events unlikely to halt industry's growth story

Seven top executives discuss the road ahead for the fund industry, how they plan to restore investor confidence and woo millennials

Taking a step back helped beat competition: Fund Manager Shreyash Devalkar

Shreyash Devalkar of Axis Mutual Fund was able to deliver enviable returns by moving away from the herd even as mid- and small-caps struggled