IL&FS plans to sell Mumbai corporate headquarters to raise funds to meet debt commitments
The crippled Infrastructure Leasing & Financial Services (IL&FS), which made headlines earlier this month for defaulting on a Rs 1,000 crore loan from Small Industries Development Bank of India (Sidbi), is now looking to sell off assets to honour its debt commitments and switch to an asset light strategy.
"We have put the corporate office on the block,", referring to the company's headquarters in Mumbai's Bandra Kurla Complex (BKC). "Our effort is to monetise all our resources to repay debt and clean up the balance sheet."
"We have been saddled with heavy debt due to heavy cost of land acquisitions for our road projects and time overruns," a person with direct knowledge of the matter, told the daily. "Further, lenders have been unable to refinance or restructure debt of projects which typically have a life of 30 years."
