IL&FS infrastructure arm redesignates CFO Dilip Bhatia to assist asset sale

As the Infrastructure Leasing & Financial Services (IL&FS) group finds itself in a storm of defaults, the group's infrastructure arm, IL&FS Transportation Networks (ITNL), has redesignated Chief Financial Officer Dilip Bhatia as its chief strategy officer. 

"Considering the strategic priority of monetisation of the company's project assets and generating liquidity, the board of directors has redesignated Dilip Bhatia chief strategy officer, responsible for divestment of assets and other strategic initiatives," the company said. 

With the rejig, Bhatia will relinquish his responsibilities as the firm's CFO. "The firm will look for a suitable candidate for the CFO's position," the company added.