IL&FS appoints Vineet Nayyar as managing director

IL&FS Investment Managers

04/10/2018 15:29

NEW DELHI, Oct 4 (Reuters) - India's Infrastructure Leasing
& Financial Services  ILFSL.UL  (IL&FS), a debt-burdened
infrastructure financing and construction company, has appointed
Vineet Nayyar as its managing director, the company's new
Non-Executive Chairman Uday Kotak told reporters on Thursday.
    The government replaced the company's entire board on Monday
after recent defaults on some of its debt obligations triggered
declines in stock and debt markets, leading to concerns about
broader risk in the country's financial sector.
    The new board will meet frequently and take all necessary
steps to revive the company, said Kotak, who is also the
managing director of Kotak Mahindra Bank  KTKM.NS .
    Nayyar is the executive vice chairman of Tech Mahindra,
which helped revive failed computer services company Satyam,
also following government intervention. The Mahindra group
acquired Satyam in 2009.

 (Reporting by Krishna V Kurup in BENGALURU and Promit Mukherjee
in MUMBAI; Writing by Sudarshan Varadhan
Edited by Martin Howell)
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