The newly constituted Board of Infrastructure Leasing & Financial Services (IL&FS) Ltd is in the process of evaluating and initiating divestment of four more subsidiaries in the coming weeks. Meanwhile, the crisis-hit lender has already reduced wage bills and other operating costs.
Banker Uday Kotak-led Board on Monday submitted its ‘Second Report on Progress & Way Forward’ on the IL&FS group with the National Company Law Tribunal’s (NCLT) Mumbai Bench. According to the report, the process is underway to come out with bids for divesting stake in IL&FS Education, IL&FS Technologies, ONGC Tripura Power Company and IL&FS Paradip Refinery Water Ltd. The Expressions of Interest (EoI) for the same are likely to be floated in the next few weeks.
On the cost rationalisation measures undertaken, the report states, “The new Board has assessed and undertaken various steps to reduce the wage bill of the IL&FS Group which are expected to result in savings across various entities within the group.” Read More