Meet Ravi Parthasarathy, the man who built the house of cards called IL&FS

Ravi Parthasarathy became the CEO of IL&FS when it was set up in 1989, was promoted to chairman in 2006, and retired in July this year

In February 2017, the Infrastructure Leasing & Financial Services Ltd (IL&FS) told us it had formed a joint investment platform with the US-based private equity fund, Lone Star, for stressed infrastructure projects in the country. Ravi Parthasarathy, its then chairman, had spotted an opportunity in the dud-loan business and said at the toss: “The India infrastructure sector is poised for a revival as the evolving framework is becoming more conducive for resolving stressed assets.”
 
A year-and-a-half on, it’s IL&FS that has been tossed out and is in the distress-sale basement.
 
By all accounts, nothing about Parthasarathy can be