New Delhi, Oct. 12 -- Former financial services secretary M. Nagaraju has been named as chairman and managing director of Infrastructure Leasing and Financial Services Ltd, bringing a veteran policymaker to manage the final stages of the debt-laden group's clean-up.

The ministry of corporate affairs designated Nagaraju to lead IL&FS for two years, according to an order issued on Monday. He succeeds Nand Kishore, whose tenure ended on 30 September.

Nagaraju retired in May as secretary of the department of financial services, where he oversaw policy related to banks, insurers, pensions and financial inclusion. He previously held senior positions in the coal ministry and the department of economic affairs and also served at the World Bank....