IL&FS rejigs top level responsibilities to expedite resolution

According to sources, Ashwani Kumar, who is currently heading the energy vertical, has been mandated to head the asset monetisation initiative for the Group, except for the road business. Kumar has successfully divested IL&FS stake in the Wind Energy business to Orix Corporation of Japan. IL&FS spokesperson, however, declined to comment.

According to people in the know, Dilip Bhatia, CEO of IL&FS Transportation Networks India Limited (ITNL), will now be completing the monetisation initiative of the road business and also completing the InvIT initiative commenced by the board. IL&FS has already applied to SEBI for incorporating InvIT for nine roads and is expecting approvals soon. The company is also in an advanced stage of negotiations for divesting stake in road assets which form a substantial chunk in the overall IL&FS debt of over Rs 94,000 crore. (IANS)

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