Japan's Orix Corp keen to acquire a majority stake in crisis-hit IL&FS

IL&FS and its subsidiaries have defaulted on repayment to lenders in the current month and the group is facing severe liquidity crisis

Orix Corporation of Japan, which owns 23.54 per cent in crisis-hit Infrastructure Leasing & Financial Services (IL&FS), is keen to acquire a majority stake in the infrastructure development and finance company. It wants to infuse fresh capital into the company from overseas so that it can meet its financial obligations.

According to a source close to the development, Orix, a global financial services player with revenues of $23.5 billion, has two representatives on the IL&FS board and is the largest shareholder in IL&FS after Life Insurance Corporation, or LIC (25.34 per cent). 

“With its global reach, Orix has access to