The Infrastructure Leasing & Financial Services (IL&FS) group has redesignated its Chief Financial Officer (CFO) Dilip Bhatia as Chief Strategy Officer for generating better asset sale.
“Considering the strategic priority of monetisation of the company’s project assets and generating liquidity, the board of directors has redesignated Dilip Bhatia chief strategy officer, responsible for divestment of assets and other strategic initiatives,” said the company in its official communique.
With the new appointment, Bhatia will now be relinquishing his responsibilities as the firm’s CFO. The company will look for a suitable candidate for the CFO’s position,” the company added.
In August, IL&FS Transportation Networks Limited (ITNL) had informed the analysts on an investor call that the brand is planning to merge its asset sale, fund-raising, debt refinance and some renegotiated contracts to handle the financial turbulence.
“Three assets will be sold to one investor, and this plan is at an advanced stage. If successful, it should see money flowing within the next 60 days. There is another bunch (road projects) for which due-diligence is underway,” said a senior executive on the call.
According to the company, as of June 2018, it has an outstanding debt of 147 billion at the standalone level.
During the investor call, Bhatia had informed that seven in India and one in China were being considered for divestment.
The development comes a day after Managing Director and Chief Executive Officer Ramesh Bawa at IL&FS Financial Services (IFIN), and five directors resigned from its board.
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