IL&FS on Wednesday appointed its new MD, Chandra Shekhar Rajan, who earlier was the non-executive chairman of the company, Uday Kotak said.
So far, Vineet Nayyar was the executive vice chairman and managing director of the company. He would now continue to be the executive vice chairman.
“Rajan who was on the board for the first six months in the capacity as Non-Executive Director, effective today is the Managing Director of IL&FS,” Mr Kotak said at a media briefing after the IL&FS board meeting.
In a presentation, the company said that it expects to complete monetisation of its assets by May as the company is in good shape and its assets can be sold.
IL&FS group’s total outstanding debt currently stands at Rs. 99,354 crore, said N Sivaraman, the chief operating officer.
(With Agency Inputs)