IL&FS Engineering Arm's Independent Director Quits

Mumbai, Sep 27 (PTI) IL&FS Engineering and Construction Company (IECCL) Thursday said its independent director Debabrata Sarkar has resigned from the post effective September 26.

IECCL is one of the over 250 subsidiaries of the IL&FS group, which is facing liquidity crisis and has defaulted on interest payments of various debt instruments.

In a filing to exchanges, IECCL said, "Sarkar has tendered resignation from the directorship of the company with effect from September 26 due to various other professional commitments."

IECCL is an engineering, procurement and construction company executing projects across varied sectors such as roads and highways, railways, buildings & structures, ports, oil & gas and power.

In a separate filing, IL&FS Transportation Networks (ITNL) Thursday said it has been in discussions with various investors for divestment of its assets.

It, however, said, "at this point of time, no definitive agreements have been entered into with any of the investors."

IL&FS group is looking to sell its real estate assets and some projects to generate cash and has identified over two dozen projects worth over Rs 30,000 crore to pair its debt which stood at over Rs 91,000 crore as of the June quarter.

Last month IL&FS in a statement said, "of a portfolio of 25 projects identified for sale, firm offers have already been received for 14 projects. We expect to complete the divestment plan over the next 12 to 18 months."

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)