The board of ICRA Ratings on Tuesday announced the appointment of N Sivaraman, formerly with L&T Finance Holdings & IL&FS as its MD & Group CEO.
He will replace Naresh Takkar, former MD & Group CEO whose service was terminated in August 2019 following unearthing of the IL&FS scam where in the role of some rating agencies including ICRA came under questioning.
Mr. Sivaraman will drive ICRA Group’s business strategy and innovation, build organizational capabilities, nurture ICRA’s strong culture of analytical excellence, strengthen the independence and objectivity of ICRA’s ratings and enhance the company’s thought leadership, ICRA said in a statement.
Arun Duggal, non-executive chairman and an independent director, ICRA said, “We are confident that he [Mr Sivaraman] will bolster ICRA’s position in providing independent, objective and best-in-class ratings and data and analytical solutions to the market,” he added.
Mr Sivaraman in a statement said he would
work “closely with all stakeholders to augment ICRA’s capabilities and enhance its core strength of analytical excellence in providing credit views and data and analytical solutions to chart the next phase of growth of this remarkable organization.”
Mr. Sivaraman will join ICRA on August 10, 2020.
During his 34-year career at L&T, he held senior positions including as President & Wholetime Director of L&T Finance Holdings.
In December 2018, he was appointed Chief Operating Officer at IL&FS with responsibilities for asset monetization and creditor engagement and loan restructuring by the government-constituted Board to help turn the company around.
