March 21, 2019 / 12:46 PM / 7 months ago

Subsidiary of India's debt-laden IL&FS misses payment due to "insufficient funds"

MUMBAI, March 21 (Reuters) - India’s IL&FS Transportation Networks LTD said in a filing on Thursday that it missed some 209 mln rupees ($3 million) in principal and interest payments due on March 18 because of “insufficient funds.”

IL&FS Transportation Networks LTD is a subsidiary of India’s debt-laden Infrastructure Leasing and Financial Services Ltd (IL&FS), which the government took control of in October, citing the need to protect the country’s financial system and markets from a potential collapse.

IL&FS, which is looking to sell assets to pay off debts, said in December it had begun the sale of its domestic road assets within its IL&FS Transportation Networks subsidiary.

$1 = 68.55 Indian rupees Reporting by Alexandra Ulmer; Editing by Shreejay Sinha

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below