Business Standard

Malabar Hill property among realty IL&FS will auction off to pare debts

Sources said the company may be able to fetch nearly Rs 2 bn by selling these properties



Press Trust of India New Delhi
The debt-laden IL&FS group has further put up its properties for sale to garner funds in order to settle loan dues.
It has invited bids from interested buyers for properties (commercial and residential) in Mumbai and one in Kolkata.
Properties on sale include a 1,376 square feet residential property located at upscale Malabar Hill besides three commercial properties in Mumbai and one commercial space in Kolkata.
The embattled infrastructure and financial sector major has asked bidders to submit their bids on or before January 15.
The Infrastructure Leasing & Financial Services (IL&FS) group has loans due of nearly Rs 910 bn.
Earlier, it has invited bids to sell its various road, solar energy and education assets to generate funds.
The spree of defaults is continuing with the group, which until Friday said that the company would not be able to service its obligations in respect of the interest of non-convertible debentures due on December 29, 2018.
The group has been resorting to various measures, including selling-off the luxury cars owned by it as well as office furniture and white goods to pay-off its debt.
Sources said the company may be able to fetch nearly Rs 2 bn by selling these properties.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Dec 31 2018 | 4:45 PM IST

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