IL&FS to sell stake in education, wealth management arms; firm's financial services subsidiary defaults term loan of Rs 100 cr
The crippled infra lender is selling the group's stake in IL&FS Education & Technology Services (IETS), along with other subsidiary businesses and IIML along with all its associated fund management platforms.
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 Group''s total debt stood at Rs 94,215.6 crore as on 8 October 2018.
IL&FS board appoints three advisors to develop resolution plan and undertake valuations across divestment
IL&FS and its subsidiaries have defaulted on several debt repayments recently due to the liquidity crisis