CS Rajan has been appointed asA the chairman of Infrastructure Leasing and Finance Ltd (IL&FS) and can start after Uday Kotak’s term ends in the week. CS Rajan has been appointed to the present post for a period of six months. In September 2021, the govt had extended the term of Uday Kotak by six months.
The term was extended so continuity can be maintained about the plan being puzzled out for the crisis-struck organization.
Uday Kotak is that the chief military officer (CEO) and director of Kotak Mahindra Bank.
A debt of around Rs 55,000 crores which is cherish 90 percent of the initial debt of Rs 61,000 crore has been addressed. IL&FS also maintained its forecast that was made earlier of resolving the debt of Rs 61,000 crore, representing 62 percent of the full fund-based in addition because the non-fund-based debt of over Rs 99,000 crore reported in October 2018.
The remaining amount of Rs 6,000 crore are moved into FY22-23. The headquarters of IL&FS that was located in Bandra Kurla Complex (BKC), Mumbai has been sold to Brookfield for an amount of Rs 1,080 crore. After giving the letter of intent, in 2022 the assets are handed over to Brookfield.
It is an infrastructure development and non-depository financial institution that’s funded by the govt.. The insurance companies and also the public sector banks created this company. it’s over 250 subsidiaries including IL&FS financial services, IL&FS Investment managers, etc.
Dr. Shyama Prasad Mookerjee Tunnel, India’s longest tunnel, which was opened to the general public in April 2017 was funded by this organization. In 2018, the govt of India took control of the corporate after the corporate defaulted on its loans.