A panel headed by Sudha Pillai to study the revamping of the Kerala Infrastructure Investment Fund Board

KIIFB office in Thiruvananthapuram.

The Kerala government on Monday set up a committee headed by former IAS officer Sudha Pillai to examine the existing framework of the Kerala Infrastructure Investment Fund Board (KIIFB) and recommend a “comprehensive restructuring plan”.

The five-member panel, headed by Ms. Pillai, has as members Shyam Srinivasan, former managing director and managing director of Federal Bank; Nilesh Vikamsey, Past Chairman, Association of Chartered Accountants of India and Partner, KKC and Associates; Retired IA&AS Officer H. Shubhalakshmi Narayanan, former Director of Audit Board of Comptroller and Auditor General of India; and former IAS officer Tarun Bajaj, former revenue minister, Government of India.

The term of office of the committee is three months from the date of the order on 13 July. Its terms of reference include an examination of the objectives, mandate and role envisaged for the KIIFB under the original project and a review of the changes made subsequent to the original project, institutional framework and operational mandate and an assessment of their implications. The panel will also examine the resource mobilization strategy adopted by KIIFB, including borrowing instruments, and whether it was in compliance with constitutional, legal, financial and audit requirements and identify any irregularities or systemic deficiencies.

Furthermore, the panel will examine whether the use of KIIFB funds was aimed at addressing “critical infrastructure gaps” and whether the allocation of resources was equitable across districts and sectors based on development priorities. The panel will also recommend measures to restructure KIIFB, redistribute its institutional capacities within the government, and recommend future procedures regarding subsidiary or spin-off entities established by KIIFB.

Comprehensive review

The Finance Ministry’s order to set up the panel noted that the government has decided to conduct a comprehensive review of the institutional, financial, governance and operational framework of KIIFB to “enhance its long-term sustainability, improve governance standards and enhance its ability to support state infrastructure development”.

The government also created an “internal coordination and secretariat mechanism” to facilitate the committee’s work. It has the Additional Principal Secretary (Finance) as convener. Transport Secretary Anupama TV; Its members include Sachin Kumar Yadav, an officer on special duty in the Finance Department, and Thilakan KPK, Additional Private Secretary to Chief Minister VD Satheesan.

Published – 13 Jul 2026 23:26 IST