Will ensure IL&FS doesn't collapse, all options open: LIC chief V K Sharma
newsdepo.com
State-owned insurer LIC Tuesday said it will not allow debt-ridden IL&FS to collapse and explore options to revive it. The Life Insurance Corporation (LIC) has the largest shareholding in IL&FS. IL&FS Financial Services, a group company of IL&FS defaulted oWill ensure IL&FS doesn't collapse, all options open: LIC chief V K Sharma
State-owned insurer LIC Tuesday said it will not allow debt-ridden IL&FS to collapse and explore options to revive it. The Life Insurance Corporation (LIC) has the largest shareholding in IL&FS. IL&FS Financial Services, a group company of IL&FS defaulted on one of its commercial paper (CP) issuances due for repayment on Monday. This was the third default by the company. LIC Chairman V K Sharma, after a meeting at the finance ministry, assured that efforts are being made to keep IL&FS afloat. «We will ensure IL&FS does not collapse. We will not allow contagion to spread from IL&FS...All options are open (including raising stake in the company),» he said. The infrastructure development and finance group has been facing liquidity issues for some time and had defaulted on a Rs 1,000-crore debt from Sidbi earlier this month. On September 14, it had again defaulted on a repayment of Rs 105 crore CPs and the next day, it had defaulted on Rs 80-crore ... Read more