Crisis-hit IL&FS appoints ex-L&T executive N Sivaraman as group COO

Cash-strapped Infrastructure Leasing & Financial Services Ltd (IL&FS) on Monday appointed N Sivaraman as its Chief Operating Officer.

Sivaraman, who was previously the President and Whole Time Director of L&T Finance Holdings, would be a part of the Core Operating Committee of IL&FS and report to Vineet Nayyar, Vice Chairman and Managing Director, IL&FS Group, the company said in a statement.

He would be "responsible for day-to-day operations and provide hands-on leadership and oversight to the group's asset monetisation efforts," it said.

The announcement comes at a time when the group is planning to sell its companies and their assets.

On November 28, IL&FS initiated the process to sell its renewable energy business under which it would invite Expression of Interest (EoI) proposals from prospective buyers.

IL&FS had said that the proposed stake sale may be carried out as a basket or individually or any combination.

Corporate Affairs Secretary Injeti Srinivas had also said on November 24 that following an "overwhelming response" to buy units of the debt-ridden company, its state-appointed board would soon put on sale to another 8 to 10 subsidiaries.

IL&FS Group had a debt of more than Rs 910 billion at the end of March 2018.