 "Rupen Jhaveri appointed Group President of Piramal Enterprises")
Piramal Enterprises Limited (PEL) on Wednesday announced the appointment of Rupen Jhaveri as its Group President, with primary focus on financial services.
In the newly created role, Jhaveri will be responsible for business development, strategy, merger and acquisition, capital allocation and corporate finance. The appointment is effective January 24, 2022, the company said in a statement.
His appointment is following the company's announcement in October 2021 that it would demerge its financial services and pharmaceuticals operations, aimed at simplifying PEL's corporate structure and unlocking value.
Post the demerger, PEL will become one of the largest diversified NBFCs with capabilities in affordable home lending, small business lending, construction finance and digital embedded finance, the company said.
Jhaveri joins PEL from global investment firm KKR, where he was a managing director at its India private equity team. Prior to joining KKR, he was with Goldman Sachs & Co in its Principal Investment Area (PIA) and Warburg Pincus in Mumbai.
With partners such as CDPQ, Bain Capital, Apollo, CPPIB and IFC, PEL also aspires to build on its strong foundation in the alternatives business, the statement said.
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