IL&FS board decides to seek a loan of Rs 30 billion from LIC and SBI

In an emergency meeting on Friday, the board of Infrastructure Leasing & Financial Services (IL&FS) decided to seek a loan of Rs 30 billion from two shareholders — Life Insurance Corporation of India (LIC) and State Bank of India (SBI). 

The board decided to meet on September 15 to ensure that IL&FS and other group companies do not default on any further repayment obligation.

The fundraising was necessitated after recent defaults by IL&FS group firms to various institutions. IL&FS, with a consolidated debt of around Rs 1 trillion, is facing delays in execution of projects apart from delay in receiving payments from