Mr. Shantanu Nalavadi is the Managing Director at India Resurgence Asset Management Business Private Limited (IndiaRF), a Piramal Enterprises Limited and Bain Capital Credit Partnership. A Chartered Accountant by profession, Mr. Nalavadi carries with him over two decades of experience in financial services, banking and corporate finance.
In his role at IndiaRF, Mr. Nalavadi oversees a resolution focused investing in distress assets, from the large Indian Non-Performing Loan (NPL) pool, across growth sectors such as industrials, infrastructure, manufacturing, etc., targeting India’s burgeoning demand growth and exports. He spearheads an on-ground team that is not only well-positioned to execute bids and turnarounds with diligence but also structure skills, sponsor engagement, strategic partnerships and operational turnaround.
Previously, he was Co-Head of the Structured Investment Group of Piramal Enterprises Limited, with over US$ 350 Million in assets under management. Prior to this, he was a Partner at New Silk Route Advisors Pvt. Ltd., a Private Equity Fund with over US$ 850 Million in assets under management. His vast tenure of work experience includes global multinationals such as ANZ Grindlays Bank, Star TV and Walt Disney with P/L and business development responsibilities.
Mr. Nalavadi brings with him an experience of investing, creating value and monetising investments across several sectors, including financial services, consumer retail, infrastructure, cement, media, logistics and manufacturing. In creating value for his portfolio companies he actively participated in partnering with strategic / managements for operational improvements, competitive marketing positioning and sustainable expansion.
Mr. Nalavadi articled with Arthur Andersen, India, before qualifying as a Chartered Accountant in 1993.
Mr. Kulkarni is a leading professional in the Financial Services sector, with over 34 years of experience working in multiple geographies. He has extensive knowledge in the area of Credit, International Banking, Treasury, Investment Banking and Stressed Assets Management, with a specialised exposure in infrastructure financing. He has represented State Bank of India on the Boards of various companies. As a representative of Industry Associations, Mr Kulkarni has participated in various formal and informal discussions with regulatory bodies and other key stake holders for policy formation. He has led team of professionals who have provided advisories to government agencies and multilateral agencies on developmental projects. He was Chief General Manager at State Bank of India catering to the credit requirements of large corporate borrowers, handling a credit portfolio of about Rs 2 lac crores. He was also responsible for resolving the Bank’s stressed assets under the Indian Bankruptcy Code. Mr Kulkarni is the CEO of the ARC.
Mr. Kaimal joined the Piramal Bain Fund in Jan 2017. He is a Senior Director and a part of the investment team focussed on originating and evaluating investments in turnaround situations. Mr. Kaimal has prior experience of over 14 years across consulting, private equity and as a co-founder of a start-up. He was part of several buyout situations at IDFC Private Equity and New Silk Route Private Equity, across power, renewable energy, healthcare and financial services. Prior to that, he worked at McKinsey & Co. on a variety of projects including performance transformation, cost reduction, post-merger integration and growth strategy. Mr. Kaimal received an M.B.A. from IIM Calcutta and is a qualified chartered accountant.
Chetan Jain carries with him more than 14 year of experience in financial services, banking and corporate finance. Prior to joining the Fund, Mr. Jain, had worked for 4.5 years at Standard Chartered Bank and 7 years at ADM Capital, focused on special situations and distressed investing in India. He brings with him the experience of investing, creating value and monetizing investments across several sectors, including cement, infrastructure & manufacturing. Mr. Jain received a B.Com (Honours) from Delhi University, is a qualified chartered accountant and PGDM from IIM Calcutta.
Mr. Samant joined the team in March 2017 and has prior work experience of over 5 years across management consulting and private equity. Prior to joining the fund, Mr. Samant was a part of the investment team at Bain Capital Private Equity in Mumbai, where he evaluated and managed deals in financial services, auto, cement and IT/ BPO sectors. Prior to that, Mr. Samant worked with The Boston Consulting Group, India as an Associate Consultant, having worked across several large, long-term transformation projects for banks, NBFCs, cement and steel clients. Mr. Samant is a Rank-holder Chartered Accountant (2011) and a Bachelor of Commerce from Mumbai University.
Mr. Bhutwala joined the team in January 2018 and has prior work experience of over 2 years in private equity. Prior to joining the fund, Mr. Bhutwala was a part of the investment team at Tano Capital, where he worked on growth equity deals across financial services, consumer discretionary, logistics and pharmaceuticals. Prior to that, Mr. Bhutwala pursued his articleship in the assurance division at Deloitte Haskins & Sells, where he audited clients in the IT/ITeS sector. Mr. Bhutwala is a Chartered Accountant (2015) and a Bachelor of Commerce from Mumbai University.
Mr. Adukia joined the team in April 2017 and has prior work experience of over 2 years across equity research and private equity. Prior to joining the fund, Mr. Adukia was a part of the investment team at Kotak Investment Advisors in Mumbai, where he evaluated and managed deals in real estate. Prior to that, Mr. Adukia worked with Ambit Capital – Institutional Equities as an research analyst covering oil and gas and agri inputs sector. Mr. Adukia is a Chartered Accountant (2014) and a Bachelor of Commerce from Mumbai University.
Mr Agharkar joined Piramal Group in June 2016. He has worked on various Piramal group level M&A/ reorganisation transactions. He has been instrumental in setting up various legs of IndiaRF JV with Bain Capital. He is also assisting in fund raising for IndiaRF. Mr Agharkar has prior experience of over 12 years in transaction structuring and due diligence. He has worked for about 9 years with EY. He has assisted several listed companies in corporate reorganisation, private equity funds on structures for their entry/exit for various investments in India, various clients in due diligence. Mr Agharkar is a CFA Charter holder from CFA Institute USA and a Chartered Accountant.
Akshay joined IndiaRF in Sep 2018 and has prior work experience of over 2.5 years across sales, trading and distressed asset investing. Prior to joining the fund, Mr. Soni was a part of Deutsche Bank’s private financing and credit trading team in Mumbai, where he evaluated opportunities across special situations in Steel, Paper, Cement, IT, Real Estate and multiple acquisition financing situations with global PE funds. Prior to that, he was structuring exotic derivative products in Equity/Rates/FX at J.P. Morgan in Mumbai and Hong Kong. Mr. Soni received an M.B.A. from IIM Bangalore and B.Tech (Hons) from IIT Bombay.