MUMBAI: The embattled IL&FS has appointed Arpwood Capital Pvt Ltd and JM Financial Consultants Pvt Ltd as the group’s financial & transaction advisors (FTAs) in order to develop and execute a resolution plan according to an official statement.
At a meeting of the board of directors of Infrastructure Leasing & Financial Services Ltd (IL&FS) held last week, the board considered it important to harmonize all asset monetization activities, including ongoing initiatives, and to undertake the same in a transparent and speedy manner aligned with the broader objective of optimizing the interests of different stakeholders.
“As part of their engagement, the FTAs will be advising the newly constituted board of directors of IL&FS on solutions towards resolution for IL&FS, along with other advisors, if any. The two FTAs shall act as financial and transaction advisors as well as undertake valuations across divestments and monetization,” the statement said.
IL&FS has also confirmed the appointment of Alvarez & Marsal (A&M) as Restructuring Advisors to the group, in order to assist the board in maintaining strict controls and managing liquidity on a day-to-day basis at all levels in the group, and evolving a Resolution Plan, and management of stakeholders as regards the resolution at the time of the implementation.
The IL &FS statement exuded confidence that these appointments represent important enablers in the journey towards the resolution of the challenges facing the IL&FS group