October 12, 2018 / 11:59 AM / 8 months ago

India's IL&FS board initiates austerity measures at troubled company

MUMBAI, Oct 12 (Reuters) - India’s troubled Infrastructure Leasing and Financial Services Ltd (IL&FS) said on Friday that its Board has initiated several austerity measures related to personnel and operating expenses at the company.

After its first meeting last week, the newly constituted IL&FS board, said that it would consider all available options to revive the firm.

The Indian government replaced the company’s entire board earlier this month after recent defaults on some of its debt obligations triggered sharp declines in stock and debt markets, leading to fears about contagion in India’s financial sector.

The IL&FS board also approved the formation of an operating committee under its Vice Chairman and managing director Vineet Nayyar and “had detailed deliberations in relation to the road map ahead,” the company said in a statement on Friday. (Reporting by Promit Mukherjee Editing by Euan Rocha)

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