India's IL&FS board initiates austerity measures at troubled company

IL&FS Engineering and Construction

12/10/2018 12:55

MUMBAI, Oct 12 (Reuters) - India's troubled Infrastructure
Leasing and Financial Services Ltd (IL&FS) said on Friday that
its Board has initiated several austerity measures related to
personnel and operating expenses at the company. 
    After its first meeting last week, the newly constituted
IL&FS board, said that it would consider all available options
to revive the firm.
    The Indian government replaced the company's entire board
earlier this month after recent defaults on some of its debt
obligations triggered sharp declines in stock and debt markets,
leading to fears about contagion in India's financial sector.
 urn:newsml:reuters.com:*:nL4N1WK34U
    The IL&FS board also approved the formation of an operating
committee under its Vice Chairman and managing director Vineet
Nayyar and "had detailed deliberations in relation to the road
map ahead," the company said in a statement on Friday.

 (Reporting by Promit Mukherjee
Editing by Euan Rocha)
 ((promit.mukherjee@thomsonreuters.com; +91-22-6180-7516;
Reuters Messaging:
promit.mukherjee.thomsonreuters.com@reuters.net))