NEW DELHI : S.V. Ranganath, a 1975 batch Indian Administrative Officer and former chief secretary of Karnataka, is likely to be appointed as chairman of IFCI Ltd, a senior finance ministry official said today.

The IFCI board will soon approve the appointment, the official said. Ranganath, who is currently a member of the IFCI board, will replace P.G. Murlidharan.

IFCI board earlier this month approved appointment of Malay Mukherjee as the chief executive office and managing director of IFCI, replacing S.B Nayar, who has moved on as the chairman and managing director of India Infrastructure Finance Co Ltd.

The government had acquired 55.6% stake in IFCI last year by converting debentures worth 9.23 billion rupees into equity.  -Cogencis

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