Crisis-ridden Infrastructure Leasing and Financial Services (IL&FS) is planning to sell its Mumbai headquarters, along with other non-core real estate assets, in order to raise up to Rs 6,000 crore to reduce debt, reported The Economic Times.
The move comes as the firm tries to reduce close to Rs 94,000 crore debt and improve cash position, the report said. The sale price of IL&FS’ corporate headquarters in Mumbai’s Bandra Kurla Complex (BKC) is expected to be around Rs 1,500 crore, the daily said.
The group is looking to sell up to 50 properties, including commercial and residential real estate, land and land development and rights under various subsidiaries spread throughout the country, the report added.
The assets also include the firm’s Hill Country Property, which covers nearly 500 acres of land and development rights including in Hyderabad and Vijayawada, the paper said. IL&FS is yet to comment on the report.