IL&FS Arm IFIN Puts Bad Loans Worth Rs 5000-cr on Sale
IL&FS's financial services arm IFIN has put NPA accounts of Essar Shipping, Reliance Naval & Engineering, Unitech, Parsvnath Developers, Ansal API among others on the block. These are among corporate loans of 70 companies worth Rs 5,000 crore that have been put on the block and will be put through a bid process. The deal will be on cash consideration basis with the beleaguered group seeking one consolidated bid for the entire portfolio. Applicants have to submit binding bids by next month.