The government has done well to contain the IL&FS contagion by superseding the company’s board of directors and taking over controls at this debt-ridden mess for the next few quarters.
But as the skeletons continue to tumble out from the IL&FS (Infrastructure Leasing & Financial Services) cupboard, it is becoming clear that the task at hand is even more complicated than thought earlier.
Not just due to the complexity of the operations of IL&FS and its crumbling financials, but also because of the huge amount of funds needed to get this group back on its feet.
The previous estimates of how much it owes the banks and other institutions are being challenged as the figure gets inflated, and this had raised the prospect of a huge amount of money needed to keep the company from collapsing. Read More
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