Nikhil Naik has resigned as non executive director from the board of Eredene Capital, an infrastructure investor in India. This follows the exit of the Eredene Group’s infrastructure advisory company, Eredene Infrastructure Pvt Ltd (EIPL) and company’s decision to not make further investments into new projects in the country. An internal team headed by Ranveer Sharma to manage the exiting portfolio.
Eredene Capital Plc, a London based Alternate Investment Market (AIM) investor, announced on Monday that Nikil Naik, chairman of EIPL has stepped down with immediate effect.
“The Group has informed EIPL that it will not require it to provide investment advisory services to the Group during the notice period. Eredene has established an internal team, headed by Ranveer Sharma, reporting to the Eredene Group, in order to facilitate the extraction of maximum value from the existing Eredene portfolio,” the company release said.
Eredene has so far made 11 investments in various infrastructure projects in India. Nine in port services, container logistics and distribution warehousing, one in IT offices and one in a large-scale affordable housing development. Seven of its projects are revenue generating and two investee companies are profitable and dividend paying. Some of the key ones being, Sattva CFS and Logistics Ltd., Apeejay Infralogistics Pvt Ltd, Contrans Logistics Pvt Ltd., MJ Logistics Services Ltd and Sribha Infrastructure Pvt. Ltd. The company has so far invested £47.5m in India.
(Edited by Prem Udayabhanu)