[INDIAN ECONOMIC NEWS] Good morning, everyone. I’m Kim suhyeon staff of Kamagroup Pvt. Ltd. Here I have an important Indian economic news to share with you which is as undermentioned.
MUMBAI: Infrastructure Leasing & Financial Services, which is selling assets to repay debt of about Rs 91,000 crore ($13 billion), won’t provide indemnity and warranties to potential buyers, a move that will drive down valuations steeply, said three people with direct knowledge of the matter.
The IL&FS board, which the government reconstituted in October after defaults by the company, said any liability arising in future f rom the assets will have to be borne by the buyer. This has led several potential buyers to negotiate for a lower price, the people said.
“IL&FS is a bankrupt company… What is the value of the guarantee, even if one is extended to the potential buyer?” one person asked. “Potential buyers already know this and every sale will have to go through the National Company Law Tribunal (NCLT).”
Read more at:
Kamagroup Pvt. Ltd.
Have a nice day.