Everything you want to know about the IL&FS crisis
IL&FS Headquarters in Mumbai Infrastructure Leasing & Financial Services (IL&FS) is a RBI registered Project Finance company. Started by Mr. Ravi Parthasarathy in 1987 in Mumbai and promoted by Central Bank of India (CBI) , Housing Development Finance Corporation (HDFC) and Unit Trust of India (UTI), IL&FS is funded by State Bank of India (SBI), Life Insurance Corporation of India (LIC), ORIX corporation of Japan and Abu Dhabi Investment Authority (ADIA). IL&FS has a total number of 348 subsidiaries. On July 21, 2018 group founder and Chairman Mr. Ravi Parthasarathy resigned citing health Issues, after which the company posted a series of defaults on its debt obligations. The company's financial arm, IL&FS financial services, on August 28, defaulted on repaying a few hundred crores in commercial papers and paid the same 2 days later. In early September, the group defaults on Rs. 1,000 crore term loan and its subsidiary defaults on dues worth RS. ...