March 21, 2019 / 12:53 PM / 3 months ago

Subsidiary of debt-laden IL&FS misses payment due to "insufficient funds"

MUMBAI (Reuters) - India’s IL&FS Transportation Networks Ltd said in a filing on Thursday that it missed some 209 mln rupees ($3 million) in principal and interest payments due on March 18 because of “insufficient funds.”

IL&FS Transportation Networks Ltd is a subsidiary of India’s debt-laden Infrastructure Leasing and Financial Services Ltd (IL&FS), which the government took control of in October, citing the need to protect the country’s financial system and markets from a potential collapse.

IL&FS, which is looking to sell assets to pay off debts, said in December it had begun the sale of its domestic road assets within its IL&FS Transportation Networks subsidiary.

($1 = 68.55 rupees)

Reporting by Alexandra Ulmer; Editing by Shreejay Sinha

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