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NBFC Altico Capital names Sanjay Grewal as its new chief executive
Altico Capital, the rebranded non-banking finance company(NBFC) of Clearwater Capital Partners, has named former IDFC Bank senior executive Sanjay Grewal as its new chief executive, NBFC announced on Thursday.
Prior to joining the Mumbai-headquartered, real estate-focused NBFC, Grewal served as corporate and investment banking head for IDFC Bank. Before that, he was the group co-head of project finance, leading IDFC's core Rs 60,000 crore loan business.
Grewal has also held senior positions with Citi, the now-defunct Lehman Brothers and International Finance Corp, the private sector investment arm of the World Bank.
"We welcome Sanjay to Altico Capital. His experience, market reputation, deal track record and clear leadership skills provide a rare combination that the board and shareholder group are pleased to be adding to our strong Altico team," said Robert Petty, managing partner, Clearwater Capital and chairman of the Altico Board, in an official statement.
Grewal's appointment comes about three months after his predecessor, Karthik Athreya, quit the firm after almost eight years at the helm. Media reports have said that Athreya may start his own venture. The new CEO's responsibilities will include, developing and executing on the vision and strategy for the organization and business in India, according to the press release.
"We expect to deploy $300 million-$400 million every year for the foreseeable future given the overall requirements in the affordable housing segment scaling the overall book size to $1.5 billion by 2020," the incoming chief executive said.
"The NBFC is focused on providing real estate, asset-backed senior secured lending across Mumbai, the National Capital Region, Chennai, Bangalore and Pune. In December, it was reported that Altico Capital had invested an undisclosed amount in Pune-based Guardian Developers for an under-construction residential project.
"Altico Capital, which has a capitalisation of about Rs 2,000 crore, is backed by Clearwater Capital Partners, sovereign fund Abu Dhabi Investment Council and global alternative investment firm Varde Partners, who have invested over $300 million in the firm.
It also raised Rs 450 crore of capital from IFC, with whom it is working to raise long term debt financing to grow its balance sheet "The board also looks forward to his (Grewal's) overall leadership skills and experience from both an international as well as Indian context which will help us all grow the business conservatively, profitably and consistently in one of the world's most compelling growth markets," said Petty.