Chandra Shekhar Rajan, who was the non-executive director of IL&FS for the last six months, was on Wednesday appointed the company's managing director, IL&FS non-executive chairman Uday Kotak said on Wednesday.
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.
"I continue to be the Non-Executive Chairman," he said.
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.
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