New Delhi, July 20 (SocialNews.XYZ) The ongoing pandemic has impacted the recovery of loans given by IL&FS Financial Services (IFIN), and also delayed the sale of the real estate assets of the IL&FS Group, IL&FS non-Executive Chairman Uday Kotak said on Monday.
Kotak also said that the pandemic is likely to impact the valuations of the realty assets.
Talking to the media, through video conference, he also said that the proposed sale of some road assets have also been impacted due the pandemic.
An Italy-based company which was a bidder for the Pune-Sholapur road project has withdrawn its bid as a result of the current situation arising out of the pandemic, IL&FS Managing Director C.S. Rajan said.
However, despite the obstacles posed by the pandemic, the IL&FS Group expects to address about Rs 57,240 crore debt out of the total debt of over Rs 99,000 crore. The revised estimate is well above the 50 per cent mark of the overall debt.
The aggregate value of debt being addressed is now estimated as over Rs 57,000 crore, with around Rs 50,500 crore likely to be addressed by March 2021.
The rest of the unaddressed or unresolved amount would be taken as a haircut.
IL&FS has, till June 30, addressed debt of Rs 17,640 crore from a combination of completed asset sales, debt repayment to green entities, debt discharged in non-green entities and available cash balance across the group.
Further, the sale of 15 entities is in advanced stages with resolution of over Rs 8,500 crore.
Efforts towards resolution of additional debt of Rs 6,600 crore are likely to continue beyond FY21, as the board expects the resolution of major holding companies to take a longer time.
Source: IANS
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