Infrastructure Leasing and Finance Company (IL&FS) on Monday said it had appointed N. Sivaraman as group chief operating officer (COO). Mr. Sivaraman was the president and whole-time director with L&T Finance Holdings.
Mr. Sivaraman, who will be a part of the core operating committee and report to Vineet Nayyar, vice-chairman and managing director of IL&FS, will be responsible for day-to-day operations and provide hands-on leadership and oversight to the groups asset monetisation efforts, IL&FS said in a statement.
Mr. Sivaraman would augment the competencies required for the board of IL&FS to achieving stability in operations in the IL&FS Group as well as execute its ongoing divestment and resolution exercise, IL&FS said.
The company is in the process of selling stake in its group companies, which is a part of the resolution plan. The new board expects to complete the resolution process in stages over the next two-three quarters.
The board found the total debt of the group at ₹94,215.6 crore as of October 8, 2018, and the number of subsidiaries at 348.