India's IL&FS stares at 90 pct gross NPA for main lending arm - exec

IL&FS Transportation Networks

03/04/2019 16:03

April 3 (Reuters) - Debt-laden Infrastructure Leasing &
Financial Services (IL&FS) is "staring" at a 90 percent gross
bad loans as a percentage of total loans of its main lending arm
IL&FS Financial Services, the firm's non-executive Chairman Uday
Kotak said on Wednesday.
    IL&FS, a major infrastructure financing and construction
company, has a total debt of 910 billion rupees ($12.97 billion)
and has been trying to sell its assets to repay debt after
several defaults forced the government to overhaul its
management.  urn:newsml:reuters.com:*:nL4N1WH20Z
    The company said it is expecting a "reasonably faster and
fair" outcome for its resolution through the country's
bankruptcy court, but added it is difficult to predict a
timeline for it.
    Earlier this week, India's Serious Fraud Investigation
Office (SFIO) had arrested Hari Sankaran, former chairman of
IL&FS, in connection with an ongoing investigation into the
lender.  urn:newsml:reuters.com:*:nL3N21J3YH 

($1 = 68.4200 Indian rupees)

 (Reporting by Promit Mukherjee in Mumbai, Editing by Sherry
Jacob-Phillips)
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