Debt-laden Infrastructure Leasing & Financial Services (IL&FS) group firms are selling high-end cars, office furniture, electrical appliances and other assets in a bid to raise funds.
The IL&FS and its various group firms have invited bids to sell 36 luxury cars, including brands like Audi, BMW, Jaguar, Mercedes Benz, Land Rover, Honda, Toyota, and Skoda.
IL&FS has set a base price of a little less than Rs 90 million for these vehicles.
In a separate bid document, IL&FS invited bids for lump sum sale of used furniture and white goods on 'as is where is' basis at its properties in Mumbai and Kolkata.
The group is facing a serious liquidity crisis and has defaulted on various debt repayments since August 27. The IL&FS group sits on a debt pile of over Rs 900 billion.
The government had superseded the board of IL&FS and brought in seasoned banker Uday Kotak to steer the group out of its present crisis.
State-run LIC is the largest shareholder owning a fourth of the firm's equity, while other shareholders include Orix Corporation of Japan, Abu Dhabi Investment Authority, Central Bank of India, and SBI.
Over the years, the company has invested over Rs 1,890 billion in infrastructure projects, primarily in surface transport, energy and urban infrastructure.