Real Estate

IL&FS likely to sell its headquarters, non-core real estate assets to reduce debt, says report

Updated : May 31, 2019 08:51 AM IST

The move comes as the firm tries to reduce close to Rs 94,000 crore debt and improve cash position.

The sale price of IL&FS' corporate headquarters in Mumbai’s Bandra Kurla Complex (BKC) is expected to be around Rs 1,500 crore.

Crisis-ridden Infrastructure Leasing and Financial Services (IL&FS) is planning to sell its Mumbai headquarters, along with other non-core real estate assets, in order to raise up to Rs 6,000 crore to reduce debt, reported The Economic Times.

The move comes as the firm tries to reduce close to Rs 94,000 crore debt and improve cash position, the report said. The sale price of IL&FS' corporate headquarters in Mumbai’s Bandra Kurla Complex (BKC) is expected to be around Rs 1,500 crore, the daily said.

The group is looking to sell up to 50 properties, including commercial and residential real estate, land and land development and rights under various subsidiaries spread throughout the country, the report added.

The assets also include the firm's Hill Country Property, which covers nearly 500 acres of land and development rights including in Hyderabad and Vijayawada, the paper said. IL&FS is yet to comment on the report.

IL&FS likely to sell its headquarters, non-core real estate assets to reduce debt, says report

You May Also Like

Q1FY21 earnings preview: Consumer goods companies continue to see weak earnings, worsened by lockdown

Bajaj Consumer Care Q1 profit dips 4.35% to Rs 54.23 crore

OVL, OIL Mozambique gas project secures $14.9 billion debt to finance $24.1 billion LNG project

Trending on CNBC-TV18

recommended for you