INSUBCONTINENT EXCLUSIVE:
ILFS said any transactions would be subject to regulatory approvals.MUMBAI: Debt-laden Infrastructure Leasing and Financial Services (ILFS)
has started work on plans to sell off assets, part of a wider restructuring of the group, the company said on Monday
The government took control of ILFS, a major infrastructure financing and development company, last month after it defaulted on some of its
debt, triggering wider concerns about risk in the rest of the country's financial system
ILFS' board has decided to publicly solicit expressions of interest for its stakes in both ILFS Securities Services, and ISSL Settlement
Transaction Services, which are both active in the financial services sector.The company said any transactions would be subject to
regulatory approvals.(: Centre Fears Funding Deficit Of Rs
1 Lakh Crore In Shadow Banking Sector - Report)"The board is cognizant that these steps are required to advance the process for putting
together resolution plan(s) for the ILFS group," the statement said.Late last month, a new government-appointed ILFS board submitted a plan
to revive the group to a company law tribunal paving the way for a potential restructuring.The Ministry of Corporate Affairs is representing
the government and the ILFS board at the National Company Law Tribunal (NCLT).(: Government's Rescue Of ILFS May Lead To Major Losses For
Banks: Report)The NCLT had told the ministry that the holding company will have to make all its 346 subsidiaries part of the resolution plan
within 15 days.Previously, the company had said the new board would finalise and implement its plans in stages over the next six to nine
months subject to market and economic conditions.The court will hear an update on the plans on December 3.ILFS's subsidiaries include
transport network builder ILFS Transportation Networks Ltd, engineering and procurement company ILFS Engineering and Construction Co Ltd and
financier ILFS Financial Services Ltd.The group has 348 businesses in total and gross debts of around Rs 91,000 crore.(Except for the
headline, this story has not been edited by TheIndianSubcontinent staff and is published from a syndicated feed.)
