IL&FS Group appoints FTAs to harmonise asset monetisation activities

Mumbai : The new Board of debt-stricken IL&FS has selected Arpwood Capital and JM Financial Consultants as "Financial and Transaction Advisors" (FTAs) to the group.

According to the group, the FTAs have been appointed to harmonise all asset monetisation activities, "including ongoing initiatives, and to undertake the same in a transparent and speedy manner aligned with the broader objective of optimising the interests of different stakeholders".

"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 group said in a statement on Monday.

"The two identified FTAs shall act as financial and transaction advisors as well as undertake valuations across divestments and monetisation."

IL&FS has also appointed "Alvarez & Marsal" as restructuring advisors to the group.