INSUBCONTINENT EXCLUSIVE:
MUMBAI: ILFS Financial Services, part of India's Infrastructure Leasing Financial Services (ILFS), said on Thursday it missed repayments
on a host of bank loans and some term deposits due this month.
ILFS is a major Indian infrastructure finance and construction company, which
has built up big debts and is now facing a credit crunch
As a result, Indian authorities are trying to try to calm market fears that ILFS's troubles could trigger a crisis in the wider
non-banking financial sector.
ILFS Financial Services said it was unable to service its obligations for bank loans due on Sept 12, 16, 24
and 26, a term deposit due Sept 25 and a short-term deposit due Sept 27.
The TheIndianSubcontinent reported on its website that the
government has said it would look into helping to complete projects undertaken by the parent ILFS and could also buy some of its healthy
