IL&FS seeks to raise Rs 300 billion in asset sales to cut debt: Report

IL&FS plans to sell 25 assets and has received investor interest for 14 of them

Infrastructure Leasing & Financial Services Ltd, an Indian conglomerate that has missed payment on more than five of its obligations since August, is seeking to raise more than 300 billion rupees ($4.2 billion) selling assets to cut debt, according to an internal memo seen by Bloomberg.

The company, which has been categorized as a “systemically important” non-banking financial firm by the Reserve Bank of India, plans to sell 25 assets and has received investor interest for 14 of them, according to the note sent to employees by Vice Chairman and Managing Director Hari Sankaran. The company is satisfied with the valuation