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IL&FS Soon to be Bankrupt, What Went Wrong?

2Oct By Gauri SinghNo Comments

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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-...

Aditya Birla Group in Talks to Acquire IL&FS’s Education Arm

Indian conglomerate Aditya Birla Group is eyeing to acquire the education and training arm of Infrastructure Leasing and Financial Services Ltd (IL&FS). The arm is known as IL&FS Education and Technology Services (IETS). IETS is a wholly owned subsidiary of IL&FS and operates computer labs in government schools under the build-own-operate (BOO) model. It manages 16,000 schools in 11 states and also offers vocational skills training to youth funded by governments and corporates. Last year, the company trained nearly 300,000 candidates and was the biggest such trainer under the Pradhan Mantri Kaushal Vikas Yojana which is the Indian government’s skill development programme. The company is operational in 17 countries in the Middle East and North Africa and South and South...

IndusInd Bank Acquires IL&FS Securities Services for Undisclosed Amount

Private sector bank IndusInd Bank on Tuesday announced that it has acquired IL&FS’ brokerage business - IL&FS Securities Services Limited (ISSL). However, IndusInd Bank refused to disclose the financial details of the deal. Reports claim that the acquisition is an all-cash deal and conclusive agreement has been signed that gives IndusInd Bank 100% ownership of the newly acquired entity. Reserve Bank of India has already approved the transaction, but the acquisition still awaits other regulatory approvals. The acquisition process will reportedly take nearly three months to complete. “The acquisition will help us scale up the present capital market business in the bank and bring new specialized products, hitherto not offered by us, to our clients,” said Romesh Sobti, MD &am...