Ratings firm ICRA Ltd, the local arm of global giant Moody’s, has appointed a former Larsen & Toubro Ltd executive as its managing director and chief executive officer, almost a year after it fired Naresh Takkar from these positions.
New Delhi-based ICRA said in a statement N Sivaraman will take charge on August 10. He will help the company take forward its business strategy and build organisational capabilities.
“I look forward to working 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,” Sivaraman said.
Prior to ICRA, Sivaraman was serving as the chief operating officer at Infrastructure Leasing & Financial Services Ltd (IL&FS), where he was responsible for asset monetisation, creditor engagement and loan restructuring by the board constituted by the government to turn the beleaguered company around.
Sivaraman also spent 34 years at L&T, where he held positions including president and whole-time director of L&T Finance Holdings. His areas of expertise include business and strategy planning, organisational building, capital raises, mergers and acquisitions and investor relations.
“His proven track record of functional and business leadership will benefit ICRA,” company non-executive chairman Arun Duggal said.
In August last year, ICRA said it had taken the decision to fire Takkar “after due consideration and taking into account the best interests of the company and its various stakeholders”.
That move came less than two months after ICRA sent Takkar on indefinite leave amid an examination of the concerns raised in an anonymous representation that was forwarded to the company by the capital markets regulator Securities and Exchange Board of India (SEBI).
In May, ICRA had said that it had hired an investigative agency to inquire into anonymous accusations of meddling in the ratings of debt-laden IL&FS.
