Infrastructure Leasing and Financial Services (IL&FS) Tuesday said it has recovered Rs 33.28 crore through the sale of various vehicles, including luxury cars, and moveable fixed assets.
The identification of these assets started in December 2018 and auctions were conducted in various phases, the group said.
It had identified a total of 38 luxury vehicles within the group, which had a purchase price value of Rs 25 lakh and above, a release said.
Of these, 34 vehicles were sold and two were surrendered to the leasing company, it said.
"The sale (of luxury vehicles) was conducted via public auction and an amount of Rs 7.33 crore was realized," IL&FS said.
Two luxury vehicles continue to remain within the group due to loans created on them and could not be sold.
The group said 20 other vehicles (cars, two-wheelers, and project vehicles) of various makes were also identified and sold for Rs 65.33 lakh, with the amount duly realised.
It also recovered Rs 25.30 crore through auction of movable assets of various group companies, such as furniture and fixtures, electrical installations, lease improvements, old printers and UPS.
These assets were at the offices, branches and project sites of group companies that are closed or surrendered, it said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU