Essel Finance, the financial services arm of the Subhash Chandra-promoted diversified business conglomerate, has moved its investment banking unit chief Abhinav Bhushan as the head of its real estate fund business. This follows the exit of Amit Goenka, the former head of Essel Finance who was also looking after the real estate fund management business, a few weeks ago.
The development was first reported by Mint. Amitabh Chaturvedi, who joined as the new chief of Essel Finance in December, told the newspaper that the company is now looking to appoint a new head for the investment banking unit called Capstar.
This comes at a time when Essel Finance is in the process of fundraising. It was looking to scoop up as much as Rs 1,000 crore domestic fund christened India Asset Growth Fund-Series I, inclusive of a Rs 500 crore green-shoe option. This is to be invested in residential real estate projects in top cities.
Chaturvedi said the firm is now chasing a target of Rs 500 crore to be completed in three-six months. The firm has struck deals worth over Rs 135 crore and has another Rs 45 crore investment in the pipeline.
In parallel, the firm has applied for a licence in Singapore for a $200 million offshore fund.
Recently, media reports said that the company is looking to acquire stake in a non-banking finance company (NBFC), to expand its bouquet of offerings in the financial services business.
(Edited by Joby Puthuparampil Johnson)