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New MD of IL&FS, Vineet Nayyar: A New Hope for the Sinking Ship

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Mr. Vineet Nayyar, the executive vice chairman of Tech Mahindra is now appointed as the Managing Director of the debt burdened Infrastructure giant and construction titan, confirmed the company’s new non-executive chairman Uday Kotak on Thursday.

After continuous defaults on its debt obligations the government on Monday replaced its all board members. The company’s impotency to repay its debts have also targeted debt and stock 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 Mr Kotak, who is also the managing director of Kotak Mahindra Bank.

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