Infrastructure Leasing and Financial Services Ltd (IL&FS), a leading infrastructure development and finance company, will be the new promoter of Maytas Infra, union Minister for Corporate Affairs Salman Khurshid announced on Monday. ( Watch )

"IL&FS will be the new promoter of Maytas Infra following an order of the CLB (Company Law Board)," Khurshid told reporters here.

IL&FS will be the biggest stakeholder with 37 per cent share.

"IL&FS is the new promoter of the company with immediate effect," Khurshid said, adding that the existing promoter shareholders will step down.

He said two of the government appointed directors would stay on the board of the company for two years. However, the minister did not disclose details about the officials.