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IL&FS has 256 subsidiaries, joint ventures, and associate entities as of 2018, with complex cross ownership between them. While some subsidiaries like IL&FS Transportation Networks faced high losses in 2018, others like IL&FS Investment Managers posted profits. IL&FS operates in infrastructure services, financial services, and technology services through various subsidiaries. It has been involved in many projects across sectors like transportation, area development, finance, power, ports, and more.

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