IL&FS CLEARS 35% OF DEBT UNDER NEW BOARD
- NEWS Desk Global
- Oct 3, 2023
- 1 min read
Five years after the government replaced the marquee board of IL&FS and took charge, amid a financial crisis that threatened to hit the system, the company on Tuesday said it has cleared Rs 35,660 crore - or around 36% - debt, with another Rs 25,000 crore in the pipeline. "The group has also completed an aggregate payment of approximately Rs 10,000 crore by way of interim distribution across 14 companies, including two vertical holding companies (ITNL and IFIN) and the group holding company," the group said in a statement.
On October 1, 2018, the government had stepped in to supersede the IL&FS board - led by Ravi Parthasarthy, which also had Maruti Suzuki chairman R C Bhargava and former LIC chief S B Mathur - and installed six directors, including banker Uday Kotak, Tech Mahindra's Vineet Nayyar and retired civil servant G C Chaturvedi to navigate the group through choppy waters.
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