N Sivaraman is new C0O at Infrastructure Leasing and Financial Services

Sivaraman, who was previously the President and Whole Time Director of L&T Finance Holdings, would be a part of the Core Operating Committee of IL&FS and report to Vineet Nayyar, Vice Chairman and Managing Director, IL&FS Group, the company said in a statement. He would be “responsible for day-to-day operations and provide hands-on leadership and oversight to the group’s asset monetisation efforts,” it said.

The announcement comes at a time when the group is planning to sell its companies and their assets. On November 28, IL&FS initiated the process to sell its renewable energy business under which itwould invite Expression of Interest (EoI) proposals from prospective buyers. IL&FS had said that the proposed stake sale may be carried out as a basket or individually or any combination.

Corporate Affairs Secretary Injeti Srinivas had also said on November 24 that following an “overwhelming response” to buy units of the debt-ridden company, its state-appointed board would soon put on sale to another 8 to 10 subsidiaries. IL&FS Group had a debt of more than Rs 91,000 crore at the end of March 2018.

The debt-ridden group on Monday revealed that it has received over a dozen EoI towards acquiring its stake in IL&FS Securities Services Ltd (ISSL) and ISSL Settlement and Transaction Services Ltd (ISTSL). The firm had started the asset monetisation process a fortnight ago, towards developing a resolution plan for the IL&FS Group. The last datefor receipt of EoI was November 23.