CS Rajan has been appointed as the chairman of Infrastructure Leasing and Finance Ltd ( IL&FS) and will take office after Uday Kotak’s term ends this week. CS Rajan has been appointed to this post for a period of six months.
Overview
- In September 2021, the government had extended the term of Uday Kotak by six months.
- The term was extended so that continuity could be maintained about the plan being worked out for the crisis-struck organization.
- Uday Kotak is the chief executive officer (CEO) and managing director of Kotak Mahindra Bank.
A debt of around Rs crores which is equivalent to 90 percent of the original debt of Rs crore has been addressed. IL&FS also maintained its forecast that was made earlier of resolving the debt of Rs crore, representing 62 percent of the total fund-based as well as the non-fund-based debt of over Rs crore reported in October 2018.
The remaining quantum of Rs crore will be moved into FY22-23. The headquarters of IL&FS that was located in Bandra Kurla Complex (BKC), Mumbai has been vended to Brookfield for an amount of Rs crore. After giving the letter of intent, in 2022 the assets will be handed over to Brookfield.
About IL&FS
It’s an infrastructure development and finance company that’s funded by the government. The insurance companies and the public sector banks created this company. It has further than 250 subsidiaries including IL&FS financial services, IL&FS Investment managers, etc.Dr. Shyama Prasad Mookerjee Tunnel, India’s longest tunnel, which was opened to the public in April 2017 was funded by this organization. In 2018, the Government of India took control of the company after the company defaulted on its loans.
Related Articles
Nadeem Zaman, author, The Inheritors – “Displacement has been a constant in my work”
Tell us about The Inheritors. How did the idea for it come about? Author Nadeem Zaman (Courtesy the subject) In early 2021, during spring semester at the college where I teach, I’d included The Great Gatsby in the syllabus, and during class discussion one day...
Review: The Woman Who Climbed Trees: A Novel by Smriti Ravindra
Smriti Ravindra’s The Woman Who Climbed Trees, set in Nepal and its borderlands, is an exploration into women’s lack of agency within patriarchal society. It delves into the complexities that arise when husbands are physically and emotionally distant, leaving...
Review: The Speaking Constitution by KG Kannabiran
Justice Madhav Reddy: Why should Naxalities who do not believe in the Constitution take shelter under it? KG Kannabiran (1929-2010) was a senior advocate, human rights activist and co-founder, People’s Union for Civil Liberties (PUCL) (HT Photo) Advocate KG...