Former financial services secretary Nagaraju named IL&FS CMD for two years
Former financial services secretary M. Nagaraju has been appointed chairman and managing director of IL&FS for two years. He takes charge as the group nears the final stages of resolving debt and assets following its 2018 crisis.
M. Nagaraju, a former financial services secretary, has been appointed as the new chairman and managing director of Infrastructure Leasing and Financial Services Ltd (IL&FS) for a two-year term. The Ministry of Corporate Affairs designated him to lead IL&FS through the final stages of its debt resolution process. Nagaraju succeeded Nand Kishore, whose tenure ended on September 30.
Renowned for his expertise in financial services, infrastructure, public administration, and international economic relations, Nagaraju brings over three decades of experience to the role. His appointment follows IL&FS's significant progress in resolving over 94% of its debt target. In June, the company reported discharging ₹50,000 crore of debt since its 2018 collapse, which raised concerns about financial sector contagion. Nagaraju will receive a monthly salary of ₹5.5 lakh, a company car, and a company-leased apartment.
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