NEW DELHI: Non-banking financial company Altico Capital India has appointed former HSBC India chairperson Naina Lal Kidwai as an independent non-executive director.
“Ms Kidwai’s presence on the Board and her vast experience in financial markets landscape will significantly assist us in the growth of our business, further strengthen governance, enhance our brand and reputation, and optimise the value creation for all our stakeholders,” said Sanjay Grewal, chief executive officer of Altico Capital.
Altico Capital is a foreign owned and controlled NBFCs with a net worth Rs 2,000 crore and is well capitalized to capture loan growth opportunities being presented due to the capital constraints in the banking system, the company said in a statement.
Kidwai said she is pleased to join the board of Altico Capital and work with its marquee shareholders and directors who have articulated their long term commitment to the platform through the high upfront capitalization and their cohesive vision towards wholesale lending in India.
“I am also pleased to work with an experienced senior management team on all aspects of the enterprise build out including strategy, systems, policies and procedures required for robust growth,” she said.
Altico Capital is backed by strong financial sponsors in Clearwater Capital Partners (a credit and special situations platform based in the Asian region), Abu Dhabi Investment Council and Varde Partners (a global alternative investment firm headquartered out of Minneapolis-USA).
The firm’s current focus is on senior secured lending to residential projects in the real estate sector across tier-1 cities in India which include Mumbai, NCR, Chennai, Bangalore, Pune and more recently Hyderabad which is rebounding with the increased political stability.
“Altico Capital is well positioned to capitalize on direct lending opportunities in India, with a focus on making senior secured loans to the real estate sector whilst retaining the flexibility to invest across multiple strategies,” said Grewal.
“We expect to deploy $400 million every year for the foreseeable future given the overall requirements in the mid income and affordable housing segment in our core markets,” he said.
Grewal said the company is closely evaluating further asset growth and diversification strategies which may include the potential for commercial real estate funding to complement our residential lending footprint.
Altico Capital will also look to provide structured finance solutions to the capital starved infrastructure sector.
“Outside of the core strategy of financing mid-income and affordable housing segment, we will look to deploy an incremental $150 million steadily over the next 12-18 months in the commercial RE and infrastructure sectors should the right opportunities present themselves,” Grewal said.
“Ms. Kidwai’s past experience as the Executive Director on the Board of HSBC Asia Pacific and Chairperson of HSBC India, Vice Chairperson & Head Investment Banking at JM Morgan Stanley apart from her current directorship in other leading financial platforms such as Chairperson of Max Financial Services and Advent Private Equity will certainly guide Altico Capital to further achieve scale and asset diversification in the RE and non-RE sectors,” he added.
Robert Petty, managing partner, Clearwater Capital and chairperson of the board of directors of Altico Capital said, “We welcome Ms. Kidwai to Altico Capital. Her unparalleled experience especially in the financial sector, market reputation, leadership skills provide a rare combination that the Board and shareholder group are pleased to be adding to our already strong and diverse Altico Capital Board. Altico looks forward to benefitting from her close association with Industry Associations, key global and local Indian corporations as well as financial sponsors. The Board also looks forward to her overall leadership skills and experience from both an international as well as Indian context which will help us grow the business conservatively, profitably and consistently in one of the world’s most compelling growth markets. We look forward to working with Ms. Kidwai as we build the business further over the coming years.”