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

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

IANS  |  Mumbai 

IL&FS | Reuters

Cash-strapped Infrastructure Leasing & Financial Services Ltd (IL&FS) on Monday appointed 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 and report to Vineet Nayyar, Vice Chairman and Managing Director, 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 and their assets.

On November 28, 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.

First Published: Mon, December 03 2018. 20:26 IST