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IL&FS Confident of Addressing Debt Worth Rs58,000 Crore by March 2022
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IL&FS addresses Rs 43,000 cr debt, raises aggregate debt recovery target
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IL&FS addresses Rs 43,000 cr debt, raises aggregate debt recovery target
By IANS |
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IL&FS. (File Photo: IANS). Image Source: IANS News
Mumbai, April 15 : IL&FS Group has addressed a debt of Rs 43,000 crore so far and the management has now raised its aggregate debt recovery estimate to Rs 61,000 crore.
The previous estimate of overall debt recovery was Rs 56,000 crore.
The increased estimate represents a resolution of nearly 62 per cent of overall fund based and non-fund based group debt of around Rs 99,000 crore, as of October 2018, Chairman of IL&FS, Uday Kotak told the media on Thursday.
The aggregate debt of Rs 43,000 crore addressed till date represents nearly 71 per cent of the overall revised targeted recovery value of Rs 61,000 crore and 44 per cent of the overall debt of over Rs 99,000 crore.
IL&FS addresses Debt Worth Rs43,000 Crore, Increases Aggregate Debt Recovery Target to Rs61,000 Crore
Moneylife Digital Team
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The crisis-hit Infrastructure Leasing and Finance Limited (ILFS) group says so far it has addressed a debt of about Rs43,000 crore and increased its aggregate debt recovery estimate by Rs5,000 crore to Rs61,000 crore due to improved valuations, better operating performance, and enhanced recoveries from non-group exposure.
Speaking with media persons in a web-meeting, Uday Kotak, chairman of IL&FS, says, The increased estimate represents a resolution of nearly 62% of overall fund based and non-fund-based group debt of around Rs99,000 crore as of October 2018.
Infrastructure Leasing and Financial Services (IL&FS) on Thursday said it has addressed aggregate group debt of Rs 43,000 crore so far and expects to cross Rs 51,000 crore by September 2021. The debt-laden group has further enhanced its estimates of aggregate debt recovery to Rs 61,000 crore beyond September 2021. In October last year, the group had targeted to address Rs 50,300 crore of its overall debt by March 2021 and over Rs 56,000 crore by FY2022. The group s overall debt stood at Rs 99,000 crore, as of October 2018. The aggregate addressed debt of Rs 43,000 crore comprises Rs 26,800 crore basis completed entity monetisation initiatives and accrued cash balance, IL&FS Group said in a release.
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