IL&FS may sell non-core real estate assets

Infrastructure Leasing & Financial Services is looking to sell its non-core real estate assets including the Mumbai headquarters, which could help the infrastructure group raise Rs 5,000-6,000 crore as it tries to reduce debt and improve cash position. As many as 50 properties, including commercial and residential real estate, land and land development rights held under various subsidiaries and spread throughout the country are on the sale list. These include its entire stake in Hill Country Property, which owns nearly 500 acres of land and development rights including in Hyderabad and Vijayawada. Monetisation of non-core assets is part of the strategy of the new board at IL&FS to raise money to pare the group’s debt of more than Rs 94,000 crore and create liquidity.