It's really not clear what's going on in the Indian state.
IL&FS apparently has funded quite a large number of infrastructure projects, which unlike Lehman have tangible value. NHAI, the state highways agency is said to owe a great deal of payments to IL&FS (rumoured to be on the order of $ 5 B).
IL&FS apparently has funded quite a large number of infrastructure projects, which unlike Lehman have tangible value. NHAI, the state highways agency is said to owe a great deal of payments to IL&FS (rumoured to be on the order of $ 5 B).