Road construction takes place near the IL&FS building, in Mumbai, India. (Photographer: Abhijit Bhatlekar/Bloomberg News)

IL&FS Appoints Former L&T Executive N Sivaraman As Group COO

Debt-laden Infrastructure Leasing & Financial Services Ltd. on Monday said it has appointed N Sivaraman as group chief operating officer.

Sivaraman will be responsible for day-to-day operations and provide hands-on leadership and oversight to the group’s asset monetisation efforts, the company said in a statement.

"Sivaraman will be part of the core operating committee and report to Vineet Nayyar, vice chairman and managing director, IL&FS Group," the statement said.

The infrastructure lender is in the process to divest its stake in IL&FS Securities Services and ISSL Settlement and Transaction Services, and has received interest from over a dozen entities, including banks, private equity funds and other financial services firms.

The group has also initiated a process to sell its stake in the renewable energy business.

Sivaraman has earlier worked with the L&T Group. He was, till most recently, the president and whole-time director with L&T Finance Holdings.

He would augment the competencies required for the IL&FS board to achieve stability in operations in the group as well as execute its ongoing divestment and resolution exercise, the statement said.

The Uday Kotak-led board of IL&FS, appointed by the government on Oct. 1, had submitted a progress and the way forward report to the corporate affairs ministry and the National Company Law Tribunal on Oct. 31, 2018.

The new board expects to complete the resolution process in stages over the next two-three quarters.

The plan submitted to the bankruptcy court also hinted at “non-transparent and illegal transactions” by the previous management in the sale of a group entity in June 2017.

The board found the total debt of the group at Rs 94,215.6 crore as of Oct. 8, 2018 and the number of subsidiaries almost double at 348.

Also read: IL&FS Puts Renewable Energy Assets On The Block