Infrastructure Leasing & Financial Services (IL&FS), on Monday, announced the appointment of N Sivaraman, a former L&T Group veteran, as Chief Operating Officer.

Sivaraman will be responsible for the day-to-day operations and provide hands-on leadership and oversight to the group’s asset-monetisation efforts, IL&FS said in a statement.

The COO, who has expertise in mergers and acquisitions as well as building a financial services institution, will be a part of the Core Operating Committee. He will report to Vineet Nayyar, Vice-Chairman and Managing Director, IL&FS Group.

Sivaraman is a seasoned business leader with a 34-year track record with the L&T Group. He was, till recently, President and Whole-Time Director with L&T Finance Holdings (LTFH). “Sivaraman’s major achievement is the transformation and growth of LTFH from 2006 to 2016, and the L&T-Grasim cement de-merger.

“He would augment the competencies required for the board of IL&FS to achieve stability in operations in the IL&FS Group as well as executing its ongoing divestment and resolution exercise,” according to the statement.

The strengthening of the top deck at IL&FS comes in the backdrop of the NBFC trying to come out of its debt woes via asset monetisation. In the last one month or so, IL&FS has initiated moves on the asset monetisation front – it received more than a dozen EoIs for acquiring stake in IL&FS Securities Services and ISSL Settlement & Transaction Services from banks and private equity firms.

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