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gdpi · 6 years ago
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ILFS Crisis
IL&FS Financial Services, a group company, defaulted in payment obligations of bank loans (including interest), term and short-term deposits and failed to meet the commercial paper redemption obligations due on September 14
What is IL&FS? IL&FS Ltd, or Infrastructure Leasing & Finance Services, is a core investment company and serves as the holding company of the IL&FS Group, with most business operations domiciled in separate companies that form an ecosystem of expertise across infrastructure, finance, and social and environmental services. A brainchild of the late MJ Pherwani, IL&FS was founded in 1987 with equity from Central Bank of India, Unit Trust of India and Housing  Development Finance Co to fund infrastructure projects when peers IDBI and ICICI were focused more on corporate projects.
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