At a meeting of the Board of Directors of Infrastructure Leasing & Financial Services Limited (“IL&FS”) held last week, the Board has 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.

In this regard, the Board, after evaluating investment banks and advisory firms for the same, has selected Arpwood Capital Pvt Ltd (“Arpwood”) and JM Financial Consultants Pvt Ltd (“JM Financial”) as Financial & Transaction Advisors (“FTAs”) to the Group.

As part of their engagement, the FTAs will be advising the newly constituted Board of Directors of IL&FS (“Board”) on solutions towards resolution for IL&FS, along with other advisors if any. The two identified FTAs shall act as financial and transaction advisors as well as undertake valuations across divestments and monetization.

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 on and managing liquidity on a day-to-day basis at all levels in the Group, evolving a Resolution Plan, and management of stakeholders as regards the resolution at the time of the implementation.

These appointments represent important enablers in the journey towards the resolution of the challenges facing the IL&FS Group