V. VaidyanathanChairman and Managing Director
Mr. V. Vaidyanathan is the Chairman and Managing Director of Capital First Limited (CFL). He concluded India’s largest Management Buyout of a listed company which is one of his most significant professional achievements. As part of this MBO, Warburg Pincus, one of the world’s most reputed Private Equity players, with funds of over US$ 40 billion in 36 countries, has acquired a majority stake (70.57%) in Capital First Limited.
In 2010, in order to take an entrepreneurial role, he joined Capital First from ICICI Prudential Life Insurance Company, where he was the Managing Director and CEO. Under his leadership, the company’s long term credit rating has been re-rated thrice from A+ to AA+ within 3 years.
From a wholesale financing company with assets of under USD 200 million, he changed Capital First into a retail lending company with loan assets over USD 1.5 billion, out of which 74% is retail assets. Since his joining Capital First, he has successfully launched a number of retail businesses including MSME financing, Gold Loans, Two Wheeler loans, Consumer Durable loans and has implemented latest cutting edge technologies and scoring solutions in the company. Within 3 years, he has built a large retail franchise of over 150 branches, 1000 employees across 42 cities, and has made Capital First a leading player in lending to MSMEs.
In 2010, he joined Capital First Limited from ICICI Prudential Life Insurance Company, where he was the Managing Director and CEO since 2009. He joined ICICI Bank in early 2000 and was one of the Senior Management responsible for transition of ICICI from a Domestic Financial Institution (DFI) to a Universal Bank. He launched the Retail Banking Business, and helped the change of ICICI bank into a large retail powerhouse in the country. He built a network of over 1400 ICICI Bank branches across 800+ cities to create a vast deposit base, and a franchise of 25+ million customers, built a retail loan book of US$ 30 billion in Mortgages, Autoloans, Commercial Vehicles, Consumer loans credit cards and Personal Loans. He also built the SME business (since 2003) and Rural Banking Business (since 2007) for ICICI Bank. His key passion is the usage of new age technology to expand organized retail lending and deposits to a vast expanse of India.
He was appointed as Executive Director on the Board of ICICI Bank at the age of 38. He was also the Chairman of ICICI Home Finance Co. Ltd, and served on the Board of ICICI Lombard General Insurance Company and CIBIL, India’s first credit bureau. He started his career with Citibank India Consumer Banking Division in 1990 and worked at Citibank till the year 2000.
His contribution won him many domestic and international awards including “Best Retail bank in Asia 2001”, “Excellence in Retail Banking Award” 2002, “Best Retail Bank in India 2003, 2004, and 2005 from the Asian Banker”, “Most Innovative Bank” 2007, and was nominated “Retail Banker of the Year” by EFMA Europe for 2008 and 2009. He is an alumnus of Birla Institute of Technology and Harvard Business School.
He is a regular marathoner and has run 7 marathons and 8 half marathons. He lives in Mumbai with his family of father, wife and three children.
Mr. Narendra OstawalNon Executive Director
Narendra Ostawal is based in Mumbai, joined Warburg Pincus in 2007 and focuses on investments in India. Previously, he was an Associate at 3i, and a consultant with McKinsey & Company. Mr. Ostawal is a Chartered Accountant, received an M.B.A from Indian Institute of Management, Bangalore.
NC SinghalIndependent Director
Mr. N. C. Singhal, aged 74, holds postgraduate qualifications in Economics, Statistics and Administration and was awarded the United Nations Development Programme Fellowship for advanced studies in the field of project formulation and evaluation, in Moscow and St. Petersburg. He received professional training in development banking at the World Bank, Washington D.C. and Kreditenstalt fur Wiederaufbau, Frankfurt. He was the founder Chief Executive Officer, designated as the Vice-Chairman & Managing Director of The Shipping Credit & Investment Corporation of India Limited (since merged with the ICICI). Earlier, he was a senior executive and then a member of the Board of Directors of ICICI Limited. He was a Banking Expert to the Industrial Development Bank of Afghanistan, for the World Bank project and a Consultant and Management Specialist with the Asian Development Bank in Philippines, South Korea, Pakistan and Uzbekistan.
Mr. Singhal is a member of the Advisory Board of the International Maritime Bureau, London and was the Vice-Chairman of the Commission on Maritime Transport of the International Chamber of Commerce, Paris. He has been non-executive Chairman / Director of several companies; including, Axis Bank Limited, Shipping Corporation of India Limited and Max New York Life Insurance Company Limited.
Vishal MahadeviaNon Executive Director
Mr. Mahadevia joined Warburg Pincus in 2006, is co-head of the firm's Mumbai office and focuses on the firm's investment activities in India. Previously, he was a principal at Greenbriar Equity Group, a fund focused on private equity investments in the transportation sector. Prior to that, Mr. Mahadevia worked at Three Cities Research, Inc., a New York-based private equity fund, and as a consultant with McKinsey & Company. He is a director of Alliance Tire, Continental Warehousing, Gangavaram Port, IMC Limited, QuEST Global Services and AU Financiers. Mr. Mahadevia received a B.S. in economics with a concentration in finance and a B.S. in electrical engineering from the University of Pennsylvania.
Anil SinghviIndependent Director
Mr. Anil Singhvi is the Chairman of Ican Investments Advisors Pvt Ltd. Prior to establishing Ican Investments, he was the Advisor to Reliance ADA Group. Mr. Singhvi was the Managing Director of Ambuja Cements Ltd, which he joined in 1986 as Dy. Manager and rose to become the Managing Director. A CA by profession, Mr. Singhvi played a key role in the making of Ambuja Cements. He played a key role in the growth of the company from 0.7 million tonnes to 17 million tonnes. His biggest contribution was in the structuring and completion of the entire deal with Holcim where he single handedly introduced Holcim's entry into India and structured the deal with both ACC and Ambuja cements to sell to Holcim. The transaction involved over US$ 2.0 billion FDI into India.
Mr. Anil Singhvi is on various Boards of companies, some of which are Camlin, Hindustan Construction Co. Ltd, HCC Infrastructure Ltd, Mastek Limited, Capital First, IDFC Securities Ltd and Foundation for Liberal and Management Education (FLAME).
He is also closely associated with SAMPARC- a non-government organization (founded in 1990) that helps to empower the needy children and provides them not only shelter but a complete way of life. SAMPARC shelters over 700 such children by running 7 homes in the different part of the country.
FLAME was founded to impart Liberal Arts education for Undergraduate students. He has been involved with this Institute right from the inception. It is uniquely positioned as the only institute in India for Liberal Arts education. Flame has also set up Business School and School of Communication.
Apart from this, he is also on the Indian Advisory Board of Habitat for Humanity, an NGO involved with construction of Houses for needy and poor people.
Pradeep MukherjeeIndependent Director
Formerly Human Resources Director and Vice President with Citigroup. Founder Director of Confluence Coaching & Consulting and CEO of Potential Unlimited.
K.K. RathiNon Executive Director
Mr. Rathi brings more than 24 years of experience in senior positions at some of India's most respected business houses. He brings knowledge and executive competence of a rare kind – encompassing Strategic Finance management in high growth organizations, treasury management , expansions, JVs and divestment, financial restructuring and fundraising (domestic and international), system driven operations, risk management and acquisitions. After spending about 5 years in various manufacturing companies, he worked as Controller, Corporate Finance with KEC International Limited (An RPG Group Company) in 1991, where he managed large treasury operations with a consortium of more than 22 banks. He set up and managed banking facilities of overseas projects in nine countries, interacting with foreign banks and multilateral funding agencies. Besides, he also designed innovative structures to finance overseas projects, enabled private placement of shares and managed Investor Relations.
He was part of the team managing the acquisition of SAE India Limited and capital market operations. In 1998 he joined as President (Finance) with H&R Johnson (India) Limited (a part of the Rajan Raheja Group ) , India's largest ceramic tile manufacturer with five plants and countrywide distribution. From 2005 – 2008 , he worked as Group CFO with Future Group wherein he was responsible for strategic business planning, joint ventures, mergers acquisitions, fund raising through private equity and public markets, corporate governance, treasury management, etc. and also instrumental in the build-up of the Real Estate Fund business for Future Group and setting up of Insurance business in Joint Venture with Generali of Italy . From 2008-February 2010, he worked as the Director of Motilal Oswal Private Equity Advisors where he worked on devising growth strategies for the Private equity Business, raised a new Real estate Fund , making new investments and mentoring investee companies and helping them in managing growth.
Mr. Rathi is part of the Executive Board of the Future Group and currently serves on the Board and Audit committees of Future Generali India Life Insurance Co. Ltd, Future Generali India Insurance Co. Limited, Capital First, In addition to his role as Chief Investment Officer for Future Ventures India Limited. Mr. Rathi is a first class Commerce graduate, a rank-holder Chartered Accountant (Ranked 33rd) and a qualified Chartered Secretary from The Institute of Company Secretaries of India.
MR. HEMANG RAJAIndependent Director
Mr. Hemang Raja (age 54) is an MBA from Abeline Christian University, Texas, with a major emphasis on finance. He has also done an Advanced Management Program (AMP) from Oxford University, UK. He has a vast experience of over thirty three years in financial services encompassing fund based businesses such as Project Finance and Corporate Banking, together with Treasury management and Structured products with IL&FS. Mr Raja has also been the head of Capital Market activities in the Institutional and Retail Segments when he started and became the Managing Director and CEO of the then newly formed initiative by IL & FS, namely IL & FS Investsmart Ltd.
During the last five years, he has been involved in the Private Equity and Fund Management business with Credit Suisse and Asia Growth Capital Advisers in India as MD and Head-India. Over the course of his career he has cultivated and managed over a hundred strong Corporate Relationships and has been involved in the creation of a retail customer base of more than two hundred thousand, in IL&FS and IL&FS Investsmart Ltd. He has served on the executive committee of the board of the National Stock Exchange of India as also served as a member of the Corporate Governance Committee of the Bombay Stock Exchange.
MR. M. S. SUNDARA RAJANIndependent Director
Mr. M S Sundara Rajan is a Post Graduate in Economics from University of Madras with specialization in Mathematical economics, National Income and Social Accounting. He is also a Certified Associate of Indian Institute of Bankers and Associate Member of Indian Institute of Company Secretaries of India. He was Chairman and Managing Director (CMD) of Indian Bank and has total experience of over 38 years in the Banking Industry. He has also earlier worked with Union Bank of India for over 33 years. During his Stewardship as CMD of Indian Bank, the said Bank has won many accolades and awards. He has been ranked 45th in the Economic Times India Inc's most powerful CEOs list (2009) and also Ranked No.2 among the CEOs of Nationalized Banks and No.6 among the CEOs of Commercial banks.
Dr. Brinda JagirdarIndependent Director
Dr Brinda Jagirdar is an independent consulting economist with specialization in areas relating to the Indian economy and financial intermediation. She currently consults with financial institutions, banks and corporates interested in India. She is Visiting Faculty, National Institute of Bank Management, Pune and a member of the Research Advisory Committee of the Indian Institute of Banking and Finance. She retired as General Manager and Chief Economist, State Bank of India, based at its Corporate Office in Mumbai.
As part of the Bank’s Top Management team, Dr Jagirdar’s work at SBI involved tracking developments in the Indian and global economy and analysing implications for policy, participating in the Bank’s Asset Liability Committee and Central Management Committee meetings, conducting research studies on relevant issues including financial inclusion, financial stability, banking sector reforms.
Dr Brinda Jagirdar was associated with the Raghuram Rajan Committee on Financial Sector Reforms in India, was a member of the Planning Commission’s Sub Group on Household Sector Savings for the 12th Five Year Plan and member of the Ministry of Finance Group on Deepening India’s Household Financial Savings.
She was member Banking, Finance & Economics Committee of the Bombay Chamber of Commerce, member of the Monetary Policy Group of Indian Banks’ Association and editorial committee member of the journal of the Indian Banks’ Association.
She has a brilliant academic record, with a Ph.D. in Economics from the Department of Economics, University of Mumbai, M.S. in Economics from the University of California at Davis, USA, MA in Economics from Gokhale Institute of Politics and Economics, Pune and BA in Economics from Fergusson College, Pune. She has attended an Executive Programme at the Kennedy School of Government, Harvard University, USA and a leadership programme at IIM Lucknow.
She has participated and presented papers at several seminars and conferences in India and abroad. She is regularly invited to make presentations and speak on topics relating to economy and banking. She is frequently invited to be a panellist on TV business channels (Bloomberg TV, CNBC, NDTV, BBC India Business Report, Zee Business, Rajya Sabha TV), and contributes columns in business newspapers (Economic Times, Business Standard, Business Line) and business journals.
Mr. Dinesh KanabarIndependent Director
Dinesh Kanabar is the CEO of Dhruva Tax Advisors LLP.
Dinesh is a Fellow Member of the Institute of Chartered Accountants of India. He has over 25 years’ experience in advising some of the largest corporate houses in India as well as multinational companies.
Prior to founding Dhruva Tax Advisors, he held a series of leadership positions across several large professional service organizations in India. Most recently, he was the Deputy CEO of KPMG India. Before joining KPMG, he has served as the Deputy CEO of RSM & Co, a leading tax boutique in India and subsequently led the tax and regulatory practice of PricewaterhouseCoopers (PwC) upon the merger of RSM & Co with PwC.
Dinesh has worked with some of the largest domestic and multinational companies in India on several aspects of domestic and cross border taxation including on transfer pricing, tax litigation, tax treaty interpretation, etc. He has also worked on some of largest joint ventures and mergers & acquisition transactions in the country. He has handled some of the biggest tax controversies in India and has advised on complex structures for both inbound and outbound investments.
He has worked closely with the government on several matters relating to corporate and tax policy, tax administration and related matters. He is also a member of the Rangachary Committee set up by the Prime Minister of India for reviewing the taxation of Development Centres and the IT Sector.
He has been consistently rated as amongst the top Tax advisors in India in the field of International Tax for the last several years, including by the International Tax Review.
Dinesh has served as a Member of Committees of several Chambers of Commerce. He is currently a member of National Executive Committee of the Federation of Indian Chambers of Commerce and Industry (FICCI) and serves as Chairman of its Taxation Committee.
Dinesh has authored several publications on professional practice, written extensively on a variety of subjects and has spoken at various seminars, national and international. He is also a regular contributor to several leading newspapers and journals on tax and related matters.