Sam Ghosh quits Reliance Capital, likely to join Bharti

0

MUMBAI: Sam Ghosh, group chief executive officer at Reliance Capital, will quit the company after a nine-year term in which he lifted the ranking of its two insurance companies and expanded the lending business.

Ghosh, an insurance veteran, instrumental in bringing in Japanese investors as partners in various ventures, may proceed to lead Bharti Group’s financial services business, said two people familiar with the matter.

“Sam has served Reliance Capital with great passion and commitment, and contributed towards building up a strong portfolio of businesses across asset management, life and general insurance, commercial and housing finance, broking and distribution,“ said Reliance Capital in a filing to stock exchanges.

Reliance Capital is on track to complete its transition towards becoming a core investment company by March 2017.

“Sam Ghosh is likely to join Bharti Enterprises by the second week of April,“ said another source familiar with the development.

A Bharti spokesperson declined to comment.

Ghosh will be a key hiring for Sunil Mittal whose insurance ventures have been struggling, at a time when the industry has become intensely competitive.

Bharti Axa Life Insurance ranks 16 in an industry comprising 23 players. Bharti Axa General is ranked 17 among 29 companies.

As the going got tough, Mittal attempted to sell the venture to Reliance Industries, but that did not go through, leaving him to look for managerial talent to revive those institutions. Bharti also has a fledgling payments bank operations, which Ghosh could oversee. While all the financial businesses may have separate chief executives, Ghosh could well have a role similar to that in Reliance Capital as group head, said the people who did not want to be identified.