Piramal Enterprises Limited (‘PEL’) has today announced the appointment of Rupen Jhaveri as Group President, with a primary focus on financial services.
In the newly created role, Rupen will be responsible for business development, strategy, M&A, capital allocation, and corporate finance. The appointment is effective January 24, 2022.
Rupen’s appointment is under PEL’s announcement in October 2021 that it would demerge its financial services and pharmaceuticals operations – to simplify PEL’s corporate structure and unlock value.
Following the demerger, PEL will become one of India’s largest diversified NBFCs with strong capabilities in affordable home lending, small business lending, construction finance, and digital embedded finance.
With partners such as CDPQ, Bain Capital, Apollo, CPPIB, and IFC, PEL also aspires to build on its strong foundation in the alternatives business.
Commenting on the appointment, 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 a rich experience of investing and managing multiple businesses over the past two decades. Rupen is just one example of our endeavor to create a world-class team that will help PEL become one of India’s largest and most respected financial services institutions.”
Rupen joins PEL from global investment firm KKR, where he was a Managing Director at its India private equity team. He had been with KKR India for 13 years and was part of the founding team. He has led transactions including Alliance Tires, Magma Fincorp (Poonawalla Finance), Dalmia Cement, Max Financial Services, Emerald Media, SBI Life Insurance, Bharti Infratel, HDFC Ltd., Ramky Enviro Engineers, Jio Platforms, and Reliance Retail.
Before joining KKR, he was with Goldman Sachs & Co. in its Principal Investment Area (PIA) and Warburg Pincus in Mumbai.
Rupen 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). He holds a B.S., magna cum laude, from Leonard N. Stern School of Business of New York University.
“I am honored to join PEL, a company I have an enormous amount of respect for,” said Rupen Jhaveri. “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.”