Oyo to offload more loss-making hotels; coronavirus pandemic derails plans for rapid global expansion
While Oyo does not plan to completely exit any market, it will either terminate or not renew contracts with loss-making hotels, sources said.
Since 28 August, the IL&FS group which has as many as 348 subsidiaries almost half of are in overseas territories, is unable to service debt worth over Rs 94,000 crore, of which Rs 57,000 crore are from bank.
IL&FS crisis: Govt appointed board hints at corruption by past management; to conduct special audit of key group of cos
The new IL&FS board pegged the total debt of the group by over Rs 3,000 crore at Rs 94,215.6 crore as of 8 October
Consumers will see lower prices in the medium term, businesses will able to operate more efficiently and the Government will see a broadening of its tax base along with ease of tax collection.