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IL&FS to address major part of debt by July

Outstanding loans are at ₹94,000 cr.

December 31, 2019 11:03 pm | Updated 11:05 pm IST - MUMBAI

PTI
Uday Kotak. File

Uday Kotak. File

IL&FS Group is working towards addressing a ‘significant portion’ of the outstanding debt of ₹94,000 crore by July 2020, its chairman Uday Kotak said.

The veteran banker said the company had emerged as a ‘test case’ on group-wide resolution of stressed assets.

“The new board is committed to completing the resolution process at the earliest and is working towards addressing a significant portion of addressable debt by July 2020,” Mr. Kotak informed the shareholders at the 32nd annual general meeting.

This is the first AGM convened by the new board.

Mr. Kotak further said the new board expects that measures undertaken so far would result in overall recovery in the region of 50% of the outstanding debt as of September 30, 2018.

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