IL&FS looks to sell real estate assets

The debt-laden IL&FS group has further put up its properties for sale to harvest funds in order to settle loan dues. It has invited bids from interested buyers for across Inida. Properties on sale include a 1,376 square feet residential property located at upscale Malabar Hill besides three commercial properties in Mumbai and one commercial space in Kolkata. The beleaguered infrastructure and financial sector company has asked buyers to submit their bids on or before January 15. The Infrastructure Leasing & Financial Services (IL&FS) group has loans due of nearly Rs 91,000 crore. Earlier, it had invited bids to sell its various road, solar energy and education assets to generate funds. The spree of defaults is continuing with the group, which until Friday said the company would not be able to service its obligations in respect of the interest of non-convertible debentures due on December 29, 2018. The group has been resorting to various measures, including selling-off the luxury cars owned by it as well as office furniture and white goods to pay off its debt.