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Infrastructure Development Finance Company Limited (IDFC) has appointed Sunil Kakar, who was till recently with Max New York Life Insurance Company, as Group Chief Financial Officer. Kakar takes over from L.K Narayan who has moved on to the not-for-profit sector, said a statement.

Kakar has over 25 years of experience in various financial roles and started his career with Bank of America. Kakar was with Max New York Life Insurance Company for a decade, where he was the CFO and senior director, and helped build the insurance business. He was  responsible for Strategic Planning, Investments/Treasury, Finance and Accounting, Budgeting and MIS, Regulatory Reporting and Taxation.

Kakar will be on the management committee of IDFC Group and be responsible for Finance & Accounts, Business Planning and Budgeting, Investor Relations, Resource Raising and IT. Besides infrastructure financing, IDFC has a presence in asset management, investment banking, private equity, project equity, real estate, among others.

Infrastructure financing major IDFC has also been actively fundraising since last year. It raised Rs 3,500 crore by selling equity shares, where private equity firm Actis and an investment arm of Malaysian   sovereign wealth fund Khazanah also invested. It has also raised Rs 1,236 crore through issue of long-term infrastructure bonds in two tranches.

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