Nagaraju Maddirala Takes Charge as IL&FS Chairman and MD for Two Years

Nagaraju Maddirala, who recently retired as the secretary of the Department of Financial Services (DFS), has been named chairman and managing director (CMD) of Infrastructure Leasing & Financial Services (IL&FS). His appointment is for a period of two years, commencing immediately following the conclusion of the previous CMD's term on September 30, 2026.

Maddirala steps into the leadership role after Nand Kishore, whose tenure as CMD ended on September 30. Kishore had been serving as CMD since October 2018 and will continue to contribute to IL&FS as a board director, ensuring continuity in governance and oversight.

With a distinguished career in public administration spanning over three decades, Maddirala retired from the Indian Administrative Service (IAS) on May 31, 2026. He is a 1993-batch IAS officer belonging to the Tripura cadre. His most recent role before retirement was as secretary of the Department of Financial Services, a position he held from August 2024 until his retirement in May 2026. During his tenure at DFS, Maddirala was responsible for steering policies related to banking, insurance, pensions, and financial inclusion, key sectors impacting India's financial ecosystem.

Before serving as DFS secretary, Maddirala held important assignments in the Ministry of Coal, where he was joint secretary and later additional secretary from 2020 to 2024. These roles involved overseeing coal sector policies and administration during a critical period for the industry.

Earlier in his career, Maddirala worked in the Department of Economic Affairs within the Ministry of Finance from 2004 to 2008. There, he managed international relations involving Japan, North America, and the World Bank. His expertise earned him a posting as adviser to the executive director at the World Bank headquarters in Washington, DC, from 2008 to 2012, broadening his exposure to global financial institutions.

IL&FS, a major player in infrastructure financing and development, has been engaged in an extensive debt resolution process. As of June 30, 2026, the group successfully repaid Rs 50,387 crore out of its estimated resolution target of Rs 61,000 crore. This effort reflects ongoing restructuring and recovery initiatives aimed at stabilizing the company’s financial position after facing liquidity challenges in recent years.

The appointment of Nagaraju Maddirala as CMD comes at a pivotal moment for IL&FS, as the company continues to navigate its debt resolution and operational restructuring. His background in financial services policy and experience with both domestic and international financial institutions is expected to provide valuable leadership during this phase.

Infrastructure Leasing & Financial Services Limited is a significant entity in India’s infrastructure financing landscape, facilitating long-term funding for various infrastructure projects across the country. The company’s restructuring and recovery are closely watched by stakeholders, including government bodies, investors, and the financial sector, given its role in the broader infrastructure development ecosystem.

Maddirala’s appointment signals a focus on leveraging seasoned administrative expertise to guide IL&FS through its ongoing challenges. His extensive public service career, particularly in financial regulation and policy, aligns with the company’s need for steady governance and strategic direction as it works to fulfill its obligations and restore financial health.