, Columnist
Slay This Indian Hydra
IL&FS must be dismembered to preserve its useful assets.
A monster job.
Photographer: Hulton Archive/Getty Images
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For its roads, power stations and other useful assets to live, a bankrupt Indian infrastructure lender must die.
Infrastructure Leasing & Financial Services Ltd. was seized by the government this month after unexpected defaults on its $12.5 billion of debt spread panic through money and equity markets. A new six-member board chaired by banker Uday Kotak will have to sort out the mess.