IL&FS Group is working towards addressing a ‘significant portion’ of the outstanding debt of Rs 94,000 crore by July 2020, its chairman Uday Kotak said.
The veteran banker said the company has 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,” Kotak informed the shareholders at the 32nd annual general meeting. This is the first AGM conveyed by the new board.
In October 2018, the government had seized control of the debt-trapped company and superseded its board with one led by Kotak.
As of October 8, 2018, the group had an external fund-based debt of Rs 94,216 crore and an additional non- fund-based debt of Rs 5,139 crore.