Private equity major ChrysCapital has roped in Arundhati Bhattacharya, ace banker and former chairman of State Bank of India as an advisor with the firm, a move which is expected to give a boost to the equity firm’s plans to expand its investments in the financial sector.
Arundhati is expected to work alongside ChrysCaptal’s managing partner Kunal Shroff and the other partners to enhance the firm’s future investment strategy and the organisation build up.
Sanjiv Kaul, Partner at ChrysCapital, has confirmed the development to Arabian Business.
“We are thrilled and privileged to have her join our exclusive panel of advisors,” Kaul said.
Arundhati Bhattacharya’s decision to join ChrysCapital comes amidst media reports that she was expected to join the financial services entity of Ajay Piramal group, a diversified Indian business group which was a major player in the pharma sector till few years ago when it sold out its formulation business to multinational Abbott for a whopping $3.7 billion.
Arundhati will be joining the current team of eminent advisors of ChrysCapital which include Vineet Nayyar, the former top honcho at HCL Technologies.
Sources in the financial sector said ChrysCapital has been in talks with Arundhati for some time now for taking her on board but she was waiting for her cooling off period to get over before taking a call on this.
Arundhati retired from SBI in October last year, and according to rules applicable to senior public sector officials including bankers, she had to wait for a one year cooling off period before she could take up an advisory or directorship in any of the private sector companies.
During her 4-year stint at the helm of SBI, Arundhati had grown the bank’s businesses and clout significantly in India and overseas. She used to be a regular at all important government and regulatory meetings and events related to the financial sector.
Sources in ChrysCapital said from now on Arundhati will be an integral part of the equity major’s meetings with its global institutional investors.
A large number of high net worth individuals, investors and investment firms across Middle East are believed to be among ChrysCapital’s high profile global investors.
Besides, Arundhati will also be mentoring and introducing the private equity major to prospective companies in the financial and other sectors for its future investment plans. “She is also expected to mentor and enhance the firm’s top and senior teams on value added involvement with its portfolio investors,” a source in the firm said.
IT major Infosys, leading pharma companies including Mankind Pharma and Intas Pharma are among a large number of Indian companies in which ChrysCap either held or are still holding equity stakes.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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