IL&FS

IL&FS (Infrastructure Leasing & Financial Services) is a Mumbai, Maharashtra, India-based financial institution providing funding and financing for major infrastructure projects across India, including equipment leasing and investments in banking services. The organization operated through a vast network of over 250 subsidiaries, later growing to 347, offering infrastructure, technology, and financial services in sectors like transportation, urban development, education, and tourism. It financed projects via debt, funded by institutional shareholders, but notably collapsed under a significant Rs 91,000-crore debt in 2018. Key shareholders included LIC, ORIX Corporation (Japan), Abu Dhabi Investment Authority, and State Bank of India. Promoted by HDFC, UTI, and Central Bank of India, Ravi Parthasarathy served as a prominent leader, joining as president/CEO in 1987. IL&FS was founded in 1987 by HDFC, UTI, and Central Bank of India.