India: IL&FS plans to sell majority stake in financial services unit to pare debt

Infrastructure Leasing and Financial Services Ltd (IL&FS) is planning to sell a majority stake in its financial services unit and additional assets worth Rs 4,500 crore to pay down debts as the company rushes to meet its obligations and avoid bankruptcy. IL&FS has also asked the government to clear dues worth as much as Rs16,000 crore for work completed by the company, three executives familiar with the development said, requesting anonymity.