Piramal Enterprises Limited (PEL) announced on Wednesday the appointment of Rupen Jhaveri as the Group President. Jhaveri will be responsible for business development strategy, mergers and acquisitions, capital allocation and corporate finance. Jhaveri’s appointment will be effective from January 24, 2022.
Rupen Jhaveri has extensive experience with tenures in KKR, and Goldman Sachs & Co. He served as the Managing Director at the India private equity team of global investment firm KKR. He was associated with KKR India for 13 years and was part of the founding team. Jhaveri was with Goldman Sachs & Co. in its Principal Investment Area (PIA) and Warburg Pincus in Mumbai before joining KKR.
Apart from that, Jhaveri is a member of the Confederation of Indian Industry (CII) – Corporate Governance Council and the Global Investor Council of Indian Private Equity & Venture Capital Association (IVCA).
Jhaveri holds a BS degree with magna cum laude honours from Leonard N. Stern School of Business of New York University.
Anand Piramal, Executive Director, Piramal Group said, “I am delighted to welcome Rupen to the PEL family. His extensive background in the financial services industry and strong entrepreneurial perspective will be valuable assets to PEL at this pivotal time for the business. Rupen brings with him rich experience of investing and managing multiple businesses over the past two decades. Rupen is just one example of our endeavour to create a world class team that will help PEL become one of India’s largest and most respected financial services institutions.”
“I welcome this opportunity to work closely with the PEL team to further enhance the Company’s vision of being at the forefront of the rapidly evolving financial services landscape in India. PEL is extremely well positioned post its INR 18,500 cr capital raise, the recent DHFL acquisition and its significant focus to scale up its digitally led retail franchise,” stated Jhaveri.
The announcement comes after PEL, in October, announced the demerger of its financial services and pharmaceuticals operations. The demerger was undertaken with the objective of simplifying the company’s corporate structure and unlocking value. The company expects to become one of the largest diversified NBFC with strong capabilities in affordable home lending, small business lending, construction finance and digital embedded finance.
It also aspires to build a strong foundation in the alternatives business and has partnered with firms such as Bain Capital, Apollo, CPPIB, CDPQ and IFC.