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Update 4-india Takes Control Of Infrastructure Group Il&fs To Stem Contagion | Reuters

by reuters.com posted 3weeks ago 12 views
* Govt intervention could derail debt restructuring plan (Adds details from govt statement): MUMBAI/NEW DELHI, Oct 1 (Reuters) - India on Monday took control of Infrastructure Leasing and Financial Services (IL&FS), in a rare move that it said was needed to protect the country’s financial system and markets from potential collapse. IL&FS, a major infrastructure financing and construction company, defaulted on some of its debt obligations in recent weeks triggering wider concerns about risk in the rest of the country’s financial sector.

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