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After leading the asset monetisation efforts of cash-strapped Infrastructure Leasing and Financial Services (IL&FS) for almost one-and-a-half years, N Sivaraman has decided to part ways with the group, a source said.
L&T Group veteran, Sivaraman was appointed as the group’s chief operating officer (COO) in November 2018. He was also heading the infrastructure investment trusts (InvIT) programme.
His last day at the group will be July 31, 2020, the source said.
Post his decision, the Uday Kotak-led board has decided to rejig the portfolio of the top management, aimed at expediting the resolution process.
The asset monetisation and InvIT programmes would now be handled by three senior executives Ashwani Kumar, currently heading the energy vertical; Dilip Bhatia the CEO of IL&FS Transportation Networks Limited (ITNL); and Kaushik Modak, currently the CEO of IL&FS Financial Services, the person familiar with the matter said.
When contacted, the IL&FS group spokesperson declined to comment.
Kumar will have the additional responsibility of heading the asset monetisation initiative for the group, except roads. He had successfully divested IL&FS’s stake in the wind energy business to Orix.
Bhatia will also be taking care of the monetisation initiative of road business and also the InVit initiative, the source said.
IL&FS has already applied to SEBI for incorporating InvIT for nine roads and expecting approvals soon.
The group’s debt stands at Rs 94,216 crore.
Last month, the National Company Law Tribunal (NCLT) had approved the stake sale of IL&FS in Gujarat International Finance Tech-City Company Limited (GIFT City) to Gujarat Government for Rs 32.7 crore.
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