Mumbai: Infrastructure Leasing and Financial Services (IL&FS) announced the apointment of N Sivaraman as the Chief Operating Officer (COO) of the IL&FS Group.
In his new role, Sivaraman will be responsible for day-today operations and provide hands-on leadership and oversight to the group's asset monetisation efforts. He will be a part of the Core Operating Committee and will report to Vineet Nayyar, Vice Chairman and Managing Director, IL&FS Group.
Prior to his engagements with IL&FS, Sivaraman spent 34 years with the L&T Group, and was, till most recently, the President and Whole Time Director with L&T Finance Holdings (LTFH).
"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," read an official statement from the company.
Sivaraman's appointment comes at a time when the company is allegedly facing financial instability over payment defaults. The firm has reportedly defaulted on debt payments as many as seven times between September 12 and 27 this year.
In October, the National Company Law Tribunal's (NCLT) had granted permission to the government for superseding the Board of the debt-ridden firm, and appointed a six-member panel, to be headed by Kotak Mahindra Bank managing Director, Uday Kotak, to take over the management with immediate effect.
IL&FS reportedly has over Rs 91,000 crore in debt.