IL&FS looks to restructure company, may exit project financing, says report

Debt-ridden Infrastructure Lending and Financial Services’ (IL&FS) shareholders are considering a restructuring proposal with focus mainly on the management and execution of infrastructure projects. They are also looking at exiting long-term project financing, Business Standard reported.

The shareholders may put up some assets of the infrastructure development and finance major for sale as the firm is facing severe liquidity crunch, sources told the paper.

The Piramal Group had made an offer to buy a majority stake in the company few years ago but a consensus could not be reached due to a difference of opinion on the fair valuation of the company between the buyers and one of the key stakeholders of IL&FS, the report said.