<article>IL&amp;FS Financial Services, part of India&#8217;s Infrastructure Leasing &amp; Financial Services (IL&amp;FS), said on Thursday it missed repayments on a host of bank loans and some term deposits due this month.</article>

IL&amp;FS Financial Services, part of India&#8217;s Infrastructure Leasing &amp; Financial Services (IL&amp;FS), said on Thursday it missed repayments on a host of bank loans and some term deposits due this month.
IL&amp;FS 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 calm market fears that IL&amp;FS&#8217;s troubles could trigger a crisis in the wider non-banking financial sector.
IL&amp;FS 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 Economic Times reported on its website that the government has said it would look into helping to complete projects undertaken by the parent IL&amp;FS and could also buy some of its healthy assets.
IL&amp;FS is expected to hold its annual general meeting with shareholders and its board meeting on Saturday to weigh options for a potential capital infusion plan.
Its board has already approved raising funds via a 45 billion rupee rights issue and a 30 billion rupee debt-reduction plan through asset sales.
India&#8217;s central bank is set to meet the large shareholders of IL&amp;FS on Friday, CNBC-TV18 reported on Thursday, citing sources familiar with the matter.
IL&amp;FS did not repond to request for comments outside regular business hours.
The company&#8217;s top shareholders include India&#8217;s largest state-run insurer, Life Insurance Corporation (LIC), Japan&#8217;s Orix Corp, IL&amp;FS Employees Welfare Trust and Abu Dhabi Investment Authority.
LIC Chairman V.K. Sharma told reporters on Tuesday that the insurer would not allow IL&amp;FS to collapse. All options, including increasing LIC&#8217;s stake in IL&amp;FS, are open, Sharma said.
Reuters

IL&FS Financial Services, part of India’s IL&FS, said on Thursday it missed repayments on a host of bank loans and some term deposits due this month.

Indian shadow banker IL&FS misses loan repayments due this month

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Indian shadow banker IL&FS misses loan repayments due this month

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