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Debt-laden IL&FS said that it has executed key steps towards addressing more than ₹20,000 crore of debt.
This represents a significant interim outcome in the overall resolution process since the new board headed by Uday Kotak took over the reins, the company said in a statement. IL&FS’overall debt stands at more than ₹99,000 crore.
IL&FS also said that a critical focus of the board has been to maintain a ‘going concern’ status for companies under the group. Towards this, 55 companies were classified as ‘green’, which are servicing their obligations, said IL&FS.
Its renewable energy business has been bought over by Japanese company ORIX for a value that would cover the entire debt of ₹3,800 crore. This would also result in an equity release in excess of ₹500 crore for the group, subject to NCLT approval, the company added.
Further, measures have been taken for resolution of debt of 3 ‘amber’ companies, which are in the final stages of implementation, and will result in these companies being re-classified as ‘green’. The sale process of assets under the education and roads verticals are at an advanced stage.
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