Rupen M Jhaveri has been appointed as Group President of the Ajay Piramal-owned Piramal Enterprises Ltd (PEL), and will assume the new position on January 24, 2022. Jhaveri will look after the financial services business of the Group and be responsible for business development, strategy, mergers and acquisitions, capital allocation and corporate finance, PEL announced. 
 

Rupen is the son of Chitra and Mukesh Jhaveri and the grandson of Haribhai Jhaveri of Crown TV.

PEL is 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.

Prior to his new appointment, Rupen was Managing Director of leading global private equity firm KKR & Co and in his 12-year stint with that company had played a key role in a number of major investments in multiple Indian businesses. He led investments in Alliance Tires, Magma Fincorp (formerly Poonawalla Finance), Dalmia Cement, Max Financial Services, Emerald Media, SBI Life Insurance, Bharti Infratel, HDFC Ltd, Ramky Enviro Engineers, Jio Platforms and Reliance Retail, according to the statement. Before joining KKR, Jhaveri was with Goldman Sachs & Co in its Principal Investment Area (PIA) and Warburg Pincus.

“I welcome this opportunity to work closely with the Piramal Enterprises team to further enhance the company’s vision of being at the forefront of the rapidly evolving financial services landscape in India. Piramal Enterprises is extremely well positioned post its Rs 18,500 crore capital raise, the recent DHFL acquisition and its significant focus to scale up its digitally led retail franchise,” Jhaveri was quoted as saying in a PEL press release.

“Jhaveri brings with him rich experience of investing and managing multiple businesses over the past two decades. Rupen is just one example of our endeavour to create a world class team that will help PEL become one of India’s largest and most respected financial services institutions,” said Anand Piramal, executive director, Piramal Group said while making the press announcement.