Former finance secretary M. Nagaraju appointed IL&FS chairman for two-year stint

The Ministry of Corporate Affairs issued an order on Monday designating former financial services secretary M. Nagaraju as chairman and managing director of Infrastructure Leasing and Financial Services Ltd for a two-year period. Nagaraju, who retired in May after overseeing banking, insurance and pension policy, succeeds Nand Kishore, whose term concluded on 30 September. His appointment comes as IL&FS reports having resolved more than 94% of its targeted value and repaid over ₹50,000 crore of debt since the 2018 default that sparked sector-wide concerns.

Under the order, Nagaraju will be paid ₹5.5 lakh per month, provided a company car and leased housing, and will also serve as a director on the IL&FS board per a 1 October 2026 NCLT order. The government hopes his three-decade experience in finance, infrastructure and international economics will steer the final phase of the group’s clean-up.