Uday Kotak says IL&FS debt is over Rs 91,000 crore, has whopping maze of 348 entities, not just 169; worse than Satyam
The new Board of IL&FS headed by non-executive chairman Uday Kotak has revealed that the infrastructure financier has a maze of 348 entities. This means that the debt could far exceed the Rs 91,000 crore liabilities that was earlier estimated. Initial assessment had revealed that the financier has 169 subsidiaries.
The new Board of IL&FS headed by non-executive chairman Uday Kotak has revealed that the infrastructure financier has a maze of 348 entities. Image source: Reuters