IL&FS Soon to be Bankrupt, What Went Wrong?
The Indian Government has reportedly taken control of Infrastructure Leasing & Finance (IL&FS) following the approval from the Insolvency & Bankruptcy Court in Mumbai. The country’s leading infrastructure finance company IL&FS has defaulted on payments to lenders triggering panic in the markets.
What is IL&FS?
Infrastructure Leasing & Financial Services Limited (IL&FS) is an Indian infrastructure development and finance company which operates through more than 250 subsidiaries including IL & FS Investment managers, IL & FS financial services and IL&FS Transportation networks India Limited (ITNL). IL&FS is popularly known for building the Chenani-Nashri tunnel -- India’s longest road tunnel at 9 km.
The company is a complete end-to-...