ICRA appoints N Sivaraman as Managing Director and Group CEO

The board of directors at investment information firm ICRA has appointed Larsen & Toubro (L&T) veteran N Sivaraman as its Managing Director and Group Chief Executive Officer. He will drive ICRA Group's business strategy and innovation, build organisational capabilities, nurture a strong culture of analytical excellence, strengthen the independence and objectivity of ICRA's ratings and enhance the company's thought leadership, the agency said.

"Sivaraman's proven track record of functional and business leadership will benefit ICRA," said Arun Duggal, Non-Executive Chairman and an Independent Director of ICRA. "We are confident that he will bolster ICRA's position in providing independent, objective and best-in-class ratings and data and analytical solutions to the market." During his 34-year career at L&T, Sivaraman held senior positions including as President and Wholetime Director of L&T Finance Holdings. In December 2018, he was appointed Chief Operating Officer at Infrastructure Leasing and Financial Services (IL&FS) with responsibilities for asset monetisation and creditor engagement and loan restructuring by the government-constituted board to help turn the company around.

In August last year, ICRA sacked its Managing Director and Group Chief Executive Officer Naresh Takkar, nearly three months after the Securities and Exchange Board of India (SEBI) received an anonymous complaint alleging misconduct at the credit rating agency under him. Several rating agencies have come under the scanner of the government and the central bank in recent months after the IL&FS crisis surfaced, which eventually plunged non-banking financial companies into a liquidity crunch. (ANI)

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