Edelweiss Financial Services Ltd has forayed into real estate advisory & investment banking services and has brought in Ramashrya Yadav as its chief executive officer (CEO) for the unit.
Yadav, who became joint chief executive of listed realty company Orbit Corporation Ltd last August, had quit the firm last month, less than one year in the role. Previously he was looking after finance and strategy functions at Orbit Corp. He has previously also worked with Shapoorji Pallonji and joined Edelweiss Financial as CEO, real estate practice and investment advisory.
The development was first reported by Mint.
Edelweiss functions through four clusters—credit, financial markets and asset management, life insurance and commodities. Real estate advisory will fall under credit and fixed-income basket of the company.
It will offer services like resizing of portfolio, strategising exits and planning capital expansion.
The company already provides credit to the real estate industry and the new wing will expand the scope of business associated with the sector.
Ravi Bubna, managing director and CEO of the credit and fixed-income business, told the newspaper that the firm may also look at entering the realty fund management business.
Recently, Piramal Enterprises merged its real estate private equity business and realty lending arm to form Piramal Fund Management Pvt. Ltd to offer integrated funding option to developers.
In another move in the industry, the investment banking arm of Essel Finance, Capstar hired New York based HT Capital’s Prashant Punjani as the national head to lead transactions across different sectors. Capstar has so far focused on real estate deals.
(Edited by Joby Puthuparampil Johnson)