The group is looking to refinance debt to the tune of Rs15,000 crore this financial year, said Ramesh C. Bawa, managing director and chief executive at IL&FS Financial Services Ltd.Last year IL&FS refinanced debt worth Rs5,300 crore for its various assets such as roads and wind energy, he said. According to IL&FS’s annual report for the year 2015-16, the group had consolidated long-term borrowings of Rs54,665.1 crore and interest outgo of Rs5,497.9 crore. “Right now the financial institutions, specially the PSU (public sector undertaking) banks, are under pressure. The group will also refinance debt through rupee-denominated loans or masala loans, a product it pioneered last year, said Bawa. The IL&FS group is also tying up with various foreign banks and financial institutions including large pension funds for raising overseas capital for its refinancing needs.

Source: Mint May 17, 2017 20:21 UTC