INSUBCONTINENT EXCLUSIVE:
(ILFS), the insurer's chairman VK Sharma told reporters on Friday.ILFS is a major Indian infrastructure finance and construction company,
which has built up big debts and is now facing a credit crunch.ILFS's board in August approved raising funds via a Rs 4,500 crore ($620.65
million) rights issue and a Rs 3,000 crore debt-reduction plan through asset sales.LIC, the country's largest state-run insurer, might
also look at raising its equity stake in ILFS, subject to regulatory permission, Mr Sharma said, adding that the value of assets of the ILFS
was Rs 60,000 crore.Mr Sharma and Ranjish Kumar, chairman of State Bank of India, were set to meet the economic affairs secretary on Friday
to discuss the ILFS crisis, a source familiar with the matter said.ILFS's other major shareholders include Japan's Orix Corp and the Abu
