IL&FS Puts Commercial, Residential Properties Up For Sale
The Infrastructure Leasing & Financial Services 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 commercial and residential properties in Mumbai and one in Kolkata.
Properties on sale include a 1,376 sqft residential property located at the upscale Malabar Hill besides three commercial properties in Mumbai and one commercial space in Kolkata.
The debt-laced infrastructure and financial sector major has asked bidders to submit their bids on or before Jan. 15. The group has loans due of nearly Rs 91,000 crore.
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 Dec. 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 repay its debt. Sources said the company may be able to fetch nearly Rs 200 crore by selling these properties.