Subsidiary of India's debt-laden IL&FS misses payment due to "insufficient funds"

IL&FS Transportation Networks

21/03/2019 12:20

MUMBAI, March 21 (Reuters) - India's IL&FS Transportation
Networks LTD  ILFT.NS  said in a filing on Thursday that it
missed some 209 mln rupees ($3 million) in principal and
interest payments due on March 18 because of "insufficient
funds."
    IL&FS Transportation Networks LTD is a subsidiary of India's
debt-laden Infrastructure Leasing and Financial Services Ltd
(IL&FS)  ILFSLI.UL , which the government took control of in
October, citing the need to protect the country's financial
system and markets from a potential collapse.
    IL&FS, which is looking to sell assets to pay off debts,
said in December it had begun the sale of its domestic road
assets within its IL&FS Transportation Networks subsidiary.
    ($1 = 68.55 Indian rupees)

 (Reporting by Alexandra Ulmer; Editing by Shreejay Sinha)
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