Edelweiss Asset Reconstruction Company Ltd has appointed Sumanth Cidambi as the chief executive officer of a new business that will devise and execute operational and structural turnaround strategies for distressed assets in its portfolio.
Sumanth will report to Edelweiss ARC managing director Siby Antony as the head of the Edelweiss Distressed Asset Resolution Business, India’s largest asset reconstruction company said in a statement.
Cidambi was earlier with Alvarez and Marsal, a global specialist turnaround firm, where he was involved in the operational restructuring for one of India’s largest private airline companies. He has worked in several countries across Asia, Europe and North America and in multiple sectors including aviation, energy and natural resources, manufacturing, technology and technology-enabled services.
“We are an active partner in the revival and resolution of stressed assets over the past several years and with this business we continue to enhance our focus on Remake in India,” Nitin Jain, CEO, global asset and wealth management, Edelweiss Financial Services Ltd, said in the statement.
Edelweiss Financial is the listed arm of the diversified financial services house Edelweiss Group that also includes Edelweiss ARC.
Edelweiss ARC has assets under management of Rs 27,000 crore. In March, the company said that it was looking to raise around Rs 1,000-2,000 crore, as a lot of bad assets were likely to put on the block next year following the Reserve Bank of India’s decision to carry out an asset quality review.
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