April 3 (Reuters) - Debt-laden Infrastructure Leasing & Financial Services (IL&FS) is “staring” at a 90 percent gross bad loans as a percentage of total loans of its main lending arm IL&FS Financial Services, the firm’s non-executive Chairman Uday Kotak said on Wednesday.
IL&FS, a major infrastructure financing and construction company, has a total debt of 910 billion rupees ($12.97 billion) and has been trying to sell its assets to repay debt after several defaults forced the government to overhaul its management.
The company said it is expecting a “reasonably faster and fair” outcome for its resolution through the country’s bankruptcy court, but added it is difficult to predict a timeline for it.
Earlier this week, India’s Serious Fraud Investigation Office (SFIO) had arrested Hari Sankaran, former chairman of IL&FS, in connection with an ongoing investigation into the lender. ($1 = 68.4200 Indian rupees) (Reporting by Promit Mukherjee in Mumbai, Editing by Sherry Jacob-Phillips)