Infrastructure Leasing & Financial Services Limited

What Infrastructure Leasing & Financial Services Limited does

Infrastructure Leasing & Financial Services Limited (IL&FS) is a Systemically Important Non-Deposit Accepting Core Investment Company headquartered in Mumbai, India, that historically financed, developed, and operated infrastructure assets across transportation, energy, maritime, water and wastewater, urban development, environment, and education technology. The Group's operational portfolio includes a 1,200 MW coal-fired thermal power plant (IL&FS Tamil Nadu Power Company), a 1,000 MW solar park in Rajasthan, the 9.3 km Syama Prasad Mookerjee Tunnel (Chenani Nashri Tunnelway), toll-road assets consolidated under Roadstar Infra Investment Trust, waste-to-energy facilities at Ghazipur, water treatment and effluent management projects (Paradip, Tirupur), GIFT City commercial properties, and a 73.69%-owned Ed-Tech subsidiary (Schoolnet India). The Group also operates investment vehicles including IL&FS Mutual Fund (Infrastructure Debt Fund), Rupee-denominated External Commercial Borrowings (Masala Loans), and the Roadstar InvIT listed on NSE.

IL&FS's revenue model has historically combined infrastructure project development returns, equity income from operating SPVs, asset management fees, and investment income from financial services vehicles. Distribution was conducted through direct engagement with government bodies, municipal corporations, and infrastructure operators via direct project financing arrangements, consortium lending structures, and asset monetization transactions rather than traditional product channels. Following a 2018 default on obligations that triggered one of India's largest non-bank financial crises, the Government of India, through the Ministry of Corporate Affairs, took management control in October 2018; NCLT suspended the erstwhile board and appointed a new Public Interest Board, and the Group is operating under a court-supervised resolution framework targeting Rs 61,000 crore in debt resolution across 302 entities.

As of June 30, 2026, the Group had discharged Rs 50,387 crore (~83% of target) to creditors, with overall resolution value including cash and InvIT units exceeding Rs 57,556 crore (>94% of target). Resolution was concluded for 205 of the original 302 entities, with 128 domestic entities released from moratorium and only 41 entities still requiring continued moratorium protection. Key transactions supporting the resolution include the Roadstar InvIT listing at Rs 8,592 crore enterprise valuation (March 2025), the Cube Highways acquisition of CNTL for Rs 6,145 crore (November 2025), and the Brookfield-backed Chronos Properties bid for the IL&FS Financial Centre in Bandra Kurla Complex. Current leadership is headed by Chairman and Managing Director Nand Kishore, appointed October 1, 2024, succeeding C.S. Rajan.

Name

Infrastructure Leasing & Financial Services Limited

Legal name

Infrastructure Leasing & Financial Services Limited

Website

https://ilfsindia.com

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

101–250 employees

Short description

IL&FS is a Mumbai-based, government-supervised infrastructure development and finance company in India, managing assets across transportation, energy, water, maritime, and urban infrastructure while executing a court-monitored resolution of Rs 61,000 crore in legacy debt.

Ownership category

akta.pro rank

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Others

Distribution channels3 records

Marketing channels3 records

Core offering

IL&FS is a Systemically Important Non-Deposit Accepting Core Investment Company that finances, develops, and manages infrastructure projects across transportation, energy, maritime, water, urban infrastructure, environment, and education technology sectors in India. The company provides end-to-end infrastructure development services spanning project identification, structuring, financing, execution monitoring, and asset management, operating a diversified portfolio of operating infrastructure assets such as toll roads, tunnels, thermal and solar power plants, transmission lines, tank terminals, water treatment plants, and smart-city commercial properties. Following its 2018 debt crisis, IL&FS is operating under a government-supervised resolution framework focused on asset monetization and InvIT-based creditor distributions.

Product overview

IL&FS is a Systemically Important Non-Deposit Accepting Core Investment Company with a diversified infrastructure portfolio spanning transportation (roads, tunnels, expressways), energy (solar parks, thermal power plants, transmission lines), maritime (tank terminals, maritime complexes), water & wastewater management, urban asset management, and financial services. The company operates through multiple entities including IL&FS Transportation Networks, IL&FS Energy Development Company, IL&FS Tamil Nadu Power Company, Roadstar Infra Investment Trust, IL&FS Mutual Fund, and Schoolnet India Limited. Following the 2018 debt crisis, IL&FS has been undergoing resolution through asset monetization, InvIT structures, and interim distributions to creditors.

Differentiator

Problem solved

Functional benefit

Products and services

• Roadstar Infra Investment Trust (InvIT) Infrastructure Investment Trust holding six underlying road assets (Moradabad Bareilly Expressway, Sikar Bikaner Highway, Hazaribagh Ranchi Expressway, Thiruvananthapuram Road Development Company, Barwa Adda Expressway, and Pune Sholapur Road Development Company) for institutional investors and creditors; units listed on NSE.
• IL&FS Tamil Nadu Power Company (ITPCL) 1,200 MW coal-fired thermal power plant in Cuddalore, Tamil Nadu; won Environmental Upgrade of the Year - India and Power Utility of the Year - India at Asian Power Awards 2025 for operational efficiency and sustainable energy practices.
• 1000 MW Saurya Urja Solar Park, Rajasthan Large-scale solar energy park in Rajasthan for renewable power generation under Saurya Urja Company of Rajasthan Limited (SUCRL).
• IL&FS Cuddalore Thermal Power Project, Tamil Nadu 1200 MW coal-based thermal power plant in Cuddalore, Tamil Nadu, operated through IL&FS Tamil Nadu Power Company Limited.
• 400KV D/C Indo-Nepal Cross Border Transmission Line High-voltage double-circuit transmission line connecting India and Nepal for cross-border power exchange.
• IL&FS Prime Tank Terminals, UAE Tank terminal facility in the UAE for storage and handling of petroleum products, serving international energy logistics markets.
• Nana Layja Integrated Maritime Complex Integrated maritime infrastructure project for maritime logistics and shipping operations.
• Paradip Water Supply Project Water supply project delivering treated water to Indian Oil Corporation's refinery in Odisha under a long-term industrial water supply concession.
• Tirupur ZLD Effluent Management Project Zero Liquid Discharge effluent management system for industrial wastewater treatment serving textile and other industrial units in Tirupur under New Tirupur Area Development Corporation Limited (NTADCL).
• Waste To Energy Plant, Ghazipur Waste-to-energy plant at Ghazipur dumpsite processing over 2,000 tons per day of Delhi's municipal solid waste to generate 12 MW of green power for East Delhi Municipal Corporation; seven-stage refuse-derived fuel preprocessing; status: monetised by way of stake sale.
• Gujarat International Finance Tec-City (GIFT) GIFT City commercial properties including over 540,000 sq ft in the GIFT TWO tower; India's first and only operational smart city and international financial services hub.
• Chenani Nashri Tunnelway (CNTL) Operates the Syama Prasad Mookerjee Tunnel (formerly Chenani-Nashri Tunnel), India's longest road tunnel at 9.3 km connecting Jammu and Srinagar with all-weather connectivity.
• Noida Toll Bridge Company (NTBCL) / DND Flyway Owns and operates the DND (Delhi-Noida Direct) Flyway built in 2001; IL&FS holds approximately 26% equity stake; concession agreement runs until 2029, with toll-free status ordered by Supreme Court in December 2024.
• Infrastructure Debt Fund (IDF) Debt fund-format infrastructure investment vehicle managed by IL&FS Mutual Fund for long-term infrastructure financing; cumulative payouts of approximately Rs 1,900 crore over six years to investors.
• Rupee ECB (Masala Loan) Rupee-denominated external commercial borrowings (Masala Bonds/Loans) for infrastructure financing to enable Indian issuers to raise offshore capital in domestic currency.
• Schoolnet India Limited (SIL) Ed-Tech Services India's first and leading Ed-Tech service provider for K-12 schools offering proprietary digital content, devices, platforms, and solutions; IL&FS Group holds 73.69% stake; subsidiaries include IL&FS Skill Development Corporation (ISDC, 80% stake by SIL), IL&FS Cluster Development Initiative Limited (ICDI), and Skill Training Assessment Management Partners Limited (STAMP).
• IL&FS Skill Development Corporation (ISDC) Job-linked vocational training programs for Indian youth; 80% owned by Schoolnet India Limited; part of IL&FS Education and Technology Services vertical.
• K-Yan Community Computer Education and technology device/solution for schools under IL&FS Education and Technology Services, designed as an integrated plug-and-play community computer for schools in resource-constrained settings.

Quantifiable outcome

• 83% of ₹61,000 crore debt resolution target achieved as of June 2026
• +1 more outcomes

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Noida Toll Bridge Company Limited (NTBCL)minorStrategic or Co-development Partner · 12 April 2024IL&FS holds approximately 26% equity stake in NTBCL, which owns and operates the DND (Delhi-Noida Direct) Flyway built in 2001. IL&FS decided to monetize this stake as part of asset divestment. NTBCL concession agreement runs until 2029 though Supreme Court ordered toll-free status in December 2024.

Scale indicators11 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• India Infrastructure Finance Company Limited (IIFCL): Government-owned infrastructure finance company (Ministry of Finance) providing long-term debt for infrastructure projects in India. Comparable to IL&FS as a systemically important infrastructure financier with similar project financing, debt fund, and infrastructure investment focus.
• Power Finance Corporation (PFC): Leading Indian public sector non-banking financial company focused on power sector financing. Comparable to IL&FS as a major infrastructure financier with expertise in power project lending, advisory services, and asset restructuring, including resolution of stressed power assets.
• REC Limited: Government-owned infrastructure finance company providing financial assistance to power and infrastructure projects. Comparable to IL&FS as a systemically important infrastructure financier with extensive project financing portfolios and infrastructure debt fund operations.
• L&T Infrastructure Finance (LTIF): Non-deposit-taking NBFC focused on infrastructure financing in India, part of the Larsen & Toubro Group. Comparable to IL&FS as a private infrastructure finance NBFC providing project loans, structured debt, and infrastructure investment services across transportation, energy, and urban infrastructure.
• IRB Infrastructure Developers: Indian road and highway infrastructure developer and operator with a portfolio of BOT/HAM projects. Comparable to IL&FS Transportation Networks as a road infrastructure developer and operator with similar toll road and expressway assets.
• National Infrastructure Investment Fund (NIIF): Government-backed sovereign infrastructure investment fund managing capital across infrastructure sectors. Comparable to IL&FS as an institutional infrastructure investment platform with strategically important mandate and similar asset categories (transportation, energy, urban infrastructure).
• India Infradebt Limited: India's leading infrastructure debt fund NBFC backed by IDFC and other investors, providing long-term debt to infrastructure projects. Comparable to IL&FS's Infrastructure Debt Fund business as a dedicated infrastructure debt vehicle with similar institutional investor base.
• GMR Group: Indian infrastructure conglomerate with interests in airports, energy, transportation, and urban infrastructure. Comparable to IL&FS as a diversified infrastructure developer and operator with similar project portfolio across transportation, energy, and urban infrastructure verticals.
• Reliance Infrastructure Limited: Indian infrastructure company with interests in power, transportation, and urban infrastructure. Comparable to IL&FS as a large Indian infrastructure conglomerate with similar diversified portfolio of operating assets and infrastructure development projects.

Broad incumbents

• Adani Group: Large Indian infrastructure conglomerate with interests spanning transportation, energy, water, urban infrastructure, and financial services. Comparable to IL&FS as a diversified infrastructure player but operating at significantly larger scale with broader portfolio and stronger financial position.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks7 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries14 records

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments5 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Infrastructure Leasing & Financial Services Limited