I read about IL&FS daily in the media and the news mainly confines to financing or ways of capitalization. Not one even talk about its sources of revenue or level of revenue generation. All that latest I read about it is that it is not generating enough revenues to even service the debts! Then how fresh capitalization going to help it survive unless the Projects revived by these fresh capital infusion have short gestation and yield quick returns? Modiji has penchant for inaugurating mega projects sinking large capitals with returns expected not before 10-15 yrs or none like the Tunnel in kashmir under insurgency conditions, Bullet Train etc. Actually it is one of the major problems of IL&FS of being burdened with 'white elephants' like projects conceived taxing people heavily and sinking capital w/o any significant short term returns. Besides no one knows how many subsidiaries it has--169,380...no one knows as a column to-day in TOI says and possibly many are shady. The way its own Board ,the auditors, regulators, Fin .ministry have been neglecting the monitoring of its activities and finances there seems something very rotten out there. Just drawing comfort and trying to fool people that it is not another Satyam is not going to help because it is fast becoming one.
