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Santosh Nayar to be MD and CEO of IFCI

MUMBAI: SBI deputy MD and group executive for large corporates Santosh B Nayar is all set to take charge as the managing director and chief executive of state-run infra lender Industrial FinanceCorporation of India (IFCI). 

The senior executive of the country's largest lender is likely to assume office next week at IFCI and his last day at SBI is Saturday, SBI sources told PTI here today. 

Nayar will be filling in the vacancy created by the resignation of Atul Kumar Rai in May as the managing director and chief executive, following differences with the government. Rai had a term till June 2017. 

Rai had joined IFCI in July 2007 after his predecessor RM Malla was elevated as chairman and managing director of Sidbi. 

Last October, the government's stake in the company rose to 55.57 per cent following the conversion of debentures worth Rs 923 crore that it held in IFCI into equity. Following the restructuring of the shareholding pattern, the government appointed two directors on the board. 

During his stint with SBI, Nayar had taken up many key roles at the nation's largest bank.