Mumbai: IL&FS Investment Managers Ltd (IIML), the private equity arm of Infrastructure Leasing & Financial Services Ltd (IL&FS) will expand its focus to include debt investments and also “investment banking led private equity transactions focused on opportunities arising from stressed assets" the company said in an emailed statement.

The company’s board have given a go ahead for these changes in its meeting on Tuesday, adding that the changes are subject to regulatory approvals.

IIML is one of the largest domestic private equity fund manger in India with $3.2 billion of assets under management and investments in companies like ABG Shipyard Ltd, Indraprastha Gas Ltd and Shoppers Stop Ltd.

The company has also made some management changes following the expansion of the fund’s investment strategy.

Ramesh Bawa, chief executive officer (CEO) at IL&FS Financial Services Ltd will take additional charge as managing director of IIML even as present vice-chairman Shahzaad Dalal will step down from his current post and continue as a non-executive director.

Manish Chourasia has been appointed as the CEO of the IL&FS’ infrastructure debt fund while Milind Patel who was so far joint managing director at IL&FS Financial Services Ltd has been appointed as executive director in charge of infrastructure private equity and investment banking led private equity transactions, the company said.

“The board is confident that with the expansion of business activities, IIML would be in a position to take advantage of growth opportunities arising from improved macro-economic business conditions," the company said in a press release.

In the fiscal year ended March 2015, IIML made a net profit of 73 crore little changed from the net profit of 72 crore the company made in the year ended March 2014. It recorded exits worth 1,171 crore in the year ended March 2015.

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