Uday Kotak to step down as the Chairman of IL&FS

Uday Kotak has announced to step down as the Chairman of the board of the Infrastructure Leasing & Financial Services (IL&FS), after his term ends on April 2, 2022.

According to Kotak, around Rs 55,000 crore of debt has been resolved, which represents nearly 90% of the expected resolution. Kotak also announced the sale of IL&FS’s iconic headquarters to Canadian private equity investor Brookfield for Rs 1,080 crore. He estimated the realisation at 62% of the total debt of Rs 99,000 crore.

Following this, the Ministry of Corporate Affairs has named CS Rajan, the Managing Director of IL&FS to serve as Chairman and Managing Director of the company for six months with effect from April 3, 2022.