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 assets.