IL&FS puts corporate headquarters in Mumbai on the block
Cash-strapped Infrastructure Leasing and Financial Services (IL&FS) will sell its corporate headquarters in Mumbai’s Bandra Kurla Complex (BKC) to raise funds as it seeks to stave off repayment challenges and switches to an asset-light strategy, said a person with direct knowledge of the plan.
“We have put the corporate office on the block,” the person said. “Our effort is to monetise all our resources to repay debt and clean up the balance sheet.”
L&FS recently defaulted on inter-corporate deposits and commercial papers to the tune of about Rs 450 crore, bringing it under Reserve Bank of India scrutiny and getting hit with debt rating downgrades. While the commercial papers commitments were honoured with a few days lag, it failed to repay the deposits of Small Industries Development Bank of India (SIDBI) in full.