Chennai: Debt-laden IL&FS group firms are selling high-end cars, office furniture, electrical appliances and other assets in a bid to raise funds.
The Infrastructure Leasing & Financial Services (IL&FS) and its various group firms have invited bids to sell 36 luxury cars, including brands like Audi, BMW, Jaguar, Mercedes Benz, Land Rover, Honda, Toyota and Skoda. IL&FS has set a base price of a little less than Rs 9 crore for these vehicles.
In a separate bid document, IL&FS invited bids for lump sum sale of used furniture and white goods on “as is where is” basis at its properties in Mumbai and Kolkata. The group is facing a serious liquidity crisis and has defaulted on various debt repayments since 27 August.
The IL&FS group sits on a debt pile of over Rs 90,000 crore. The government had superseded the board of IL&FS and brought in seasoned banker Uday Kotak to steer the group out of its present crisis.