The Infrastructure Leasing & Financial Services (IL&FS) are now taking desperate measures to raise the funds. In the latest attempt, the IL&FS group has put high-end cars, office furniture, electrical appliances and other assets on sale.
The Infrastructure Leasing & Financial Services (IL&FS) including its various group firms have invited bids to sell 36 luxury cars, including brands like Audi, BMW, Jaguar, Mercedes Benz, Land Rover, Honda, Toyota and Skoda. The beleaguered firm has set a base price a little less than Rs.9 crore for these vehicles.
Additionally, in another attempt to raise the capital, the group has also invited the bids for the lump sum sale of its used furniture and white goods on ‘as is where is’ basis at its properties in Mumbai and Kolkata.
The IL&FS is going through a phase of a serious debt crisis and have defaulted on various debt repayment since late August. The IL&FS group burdened with a whopping Rs 90,000 crore debt and the default of the financial behemoth has sent cripple effect in the economy.
Centre has sacked the existing board and has elected the renowned banker Uday Kotak to help the firm get out of the trouble. It is to be noted that, government-owned Life Insurance Cooperation of India (LIC) is the largest shareholder owning one-fourth of the firm’s equity, while the other shareholders include Orix Corporation of Japan, Abu Dhabi Investment Authority, Central Bank of India, and SBI.
Recently, cash-strapped IL&FS’s move to divest renewable energy assets worth over Rs 8,000 crore has picked up pace as Uday Kotak-led board inviting expressions of interest. Multiple companies have shown their interest to take over these assets which includes Norway’s state-owned renewable energy producer Statkraft, I Squared Capital, Actis, Macquarie and the Hinduja Group.