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Thursday, May 06, 2021

Ravi Parthasarathy quits as IL&FS Chairman

The board of IL&FS has unanimously appointed Hemant Bhargava, Managing Director, Life Insurance Corporation of India and nominee on the board of the company as Non Executive Chairman with immediate effect.

By: ENS Economic Bureau | Mumbai |
July 24, 2018 2:42:26 am
Parthasarathy, an alumnus of IIM Ahmedabad and co-founder of finance firm 20th Century Finance, joined the IL&FS in 1987 as President & Chief Executive Officer and was appointed as Managing Director in 1989.

Ravi Parthasarathy has resigned as the Non-Executive Chairman of Infrastructure Leasing & Financial Services Ltd (IL&FS), the holding company of the IL&FS group which he served for over 30 years. The board of IL&FS has unanimously appointed Hemant Bhargava, Managing Director, Life Insurance Corporation of India and nominee on the board of the company as Non Executive Chairman with immediate effect.

Parthasarathy, an alumnus of IIM Ahmedabad and co-founder of finance firm 20th Century Finance, joined the IL&FS in 1987 as President & Chief Executive Officer and was appointed as Managing Director in 1989. Known in the corporate world for his deal-making skills, he was later designated Executive Chairman of the company. The company also executed some of leading infrastructure projects under the leadership of Parthasarathy.

LIC, the largest shareholder in IL&FS, owns 25.3 per cent stake in the company. Orix Corporation of Japan holds 23.5 per cent stake. While IL&FS is an unlisted entity, it has listed three of its subsidiaries — ILFS Engineering and Construction Company, ILFS Transportation Networks and ILFS Investment Managers.

Bhargava, during his 35 year tenure in LIC, he has worked across various departments in diverse set of roles in both India and abroad. Bhargava has done his Masters in Economics. He has also served on the Boards of a number of Indian companies. Praveen Kumar Molri, nominee Director of the LIC, is also on the board of IL&FS. The company had posted a total revenue of Rs 1,787 crore and a net profit of Rs 382 crore for the fiscal ended March 2017.

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