NSE’s Ravi Narain joins IndoStar Capital’s board

By Bruhadeeswaran R

  • 20 May 2013

IndoStar Capital Finance Ltd (ICF), a non-banking financial company (NBFC) engaged in wholesale secured structured financing, has appointed Ravi Narain as independent director on the company’s board.

Narain has been with the National Stock Exchange (NSE) since inception and was the MD & CEO of the exchange for 12 years, before joining its board as vice chairman in a non-executive position. He spent two decades at the bourse.

He retired from executive responsibilities at NSE at the end of FY13. Apart from being non-executive vice-chairman of the exchange, he is also the chairman of the working committee of the World Federation of Exchanges, a group of more than 50 bourses.


“Ravi’s extensive experience will be invaluable as the company implements its growth plans. His advice will guide the firm in the years to come. We are proud to welcome an institution builder like Ravi on our Board,” said Vimal Bhandari, CEO & Managing Director, IndoStar.

Narain has a degree in Economics from Cambridge University, UK and a degree in Business Administration (Finance) from Wharton School, University of Pennsylvania, USA.

ICF was started in 2011. It provides debt solutions to mid-to-large level corporates. These include financing capital market transactions, corporate financing, acquisition financing and lending.


The company’s asset book is in excess of Rs 1,700 crore and it counts global private equity firms such Goldman Sachs, Everstone and Ashmore as its investors.

The company earlier said it would like to grow at least Rs 1,000 crore a year in its asset book driven by opportunities from big-ticket wholesale lending projects. (See: PE-backed IndoStar to double asset size by end of FY13).

ICF was started by Goldman Sachs and Everstone Capital in 2009. It began its operation by betting on non-banking finance companies (NBFCs) post the market crash in 2008-09. The economic slowdown exposed the need for more funding options for companies and ICF explored the opportunity. Other investors in the NBFC include Ashmore Group, Baer Capital and ACP Investments.


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