Japan's Orix Corporation, which was in talks with Reliance Industries (RIL) to sell its 23.87 per cent stake in Infrastructure Leasing and Finance Company (IL&FS), has bowled a googly.
Delhi-based electric vehicle (EV) ride-hailing firm Evera Cabs, which grabbed headlines after acquiring 500 cars from the now-defunct cab service BluSmart, is stepping up its presence in the EV cab segment. The company is aiming for revenue of Rs 100 crore in the ongoing financial year (2025-26), up from Rs 18 crore in 2024-25.
GST impact: Higher lease payouts may hit airlines, cab aggregators.
Foreign investment firms, especially private equity, are jittery about the Indian market as uncertainty continues to shroud the energy sector.
It is ranked 7th on the list of world's top-10 consumer finance firms
The IL&FS management is also talking to its second-largest shareholder, Orix Corporation of Japan, to infuse more funds into the company - in case any shareholder backs out during the rights issue.
The report has identified 29 instances where it appears that the loans disbursed to borrowers were in turn utilised by their group companies to repay the existing debt obligations with IL&FS Financial Services Limited.
The IL&FS group has a complicated structure, with the holding company owning stakes in its financial services arm as well as the subsidiaries that operate its infrastructure assets.
They have also been accused of extending loans for criminal intent of falsification of repayment by a number of borrowers, including some entities associated with large corporate groups.
Alvarez & Marsal will develop a detailed restructuring plan for the group to demonstrate to shareholders and lenders that it was self-sufficient in repaying its liabilities. So far, the IL&FS management had been working on its revival plan.
Investors in LIC's insurance and other schemes are receiving a lower rate of return because LIC is subsidising incompetence at best and malfeasance at worst in institutions such as IDBI Bank and IL&FS, says Jaimini Bhagwati.
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