IL&FS appoints Vineet Nayyar as managing director

IL&FS appoints Vineet Nayyar as managing director

Uday Kotak, newly appointed non-executive chairman of IL&FS, speaks during a press conference in Mumbai, Thursday. Newly appointed CMD Vineet Nair is also seen. (PTI photo)

 India's Infrastructure Leasing & Financial Services (IL&FS), a debt-burdened infrastructure financing and construction company, has appointed Vineet Nayyar as its managing director, the company's new Non-Executive Chairman Uday Kotak told reporters on Thursday.

The government replaced the company's entire board on Monday after recent defaults on some of its debt obligations triggered declines in stock and debt markets, leading to concerns about broader risk in the country's financial sector.

The new board will meet frequently and take all necessary steps to revive the company, said Kotak, who is also the managing director of Kotak Mahindra Bank.

Nayyar is the executive vice chairman of Tech Mahindra, which helped revive failed computer services company Satyam, also following government intervention. The Mahindra group acquired Satyam in 2009.