Tata Group’s flagship financial services firm Tata Capital has appointed veteran banker Rajiv Sabharwal as chief executive officer and managing director designate.
Sabharwal, who is currently partner at homegrown private equity firm True North Managers LLP, will assume office at Tata Capital in January next year.
Tata Capital’s current chief executive officer Praveen P Kadle will be assigned other responsibilities within the Tata Group starting next financial year, the firm said in a statement.
“With India’s financial sector growing at a rapid pace, we are confident that his [Rajiv's] experience will be highly beneficial as we expand our footprint in this industry. Rajiv’s expertise and knowledge will help Tata Capital chart the next phase of growth in financial services,” said N Chandrasekaran, chairman of Tata Sons.
“I am confident that the Tata financial services group will play a significant role in growing and redefining the financial sector in the country. We will leverage technology and create innovative customer-centric digital solutions,” said Sabharwal.
Sabharwal served as executive director of ICICI Bank before joining True North. The 52-year-old mechanical engineer from IIT Delhi had a short stint with Union Carbide before doing a management course at IIM Lucknow.
In his career spanning over two decades, Sabharwal has worked with ICICI Group for close to 17 years in two stints and has also been associated with companies such as Godrej & Boyce Manufacturing Co, SRF Finance and GE Capital. According to his LinkedIn profile, he was also executive director at Sequoia Capital for a little over a year. But Sabharwal is known to be closely associated with scaling up ICICI Home Finance.
Tata Capital caters to the diverse needs of retail, corporate and institutional customers. It offers consumer finance, corporate finance, investment banking, credit card distribution and advisory services, among others.
The subsidiaries of Tata Capital include Tata Capital Financial Services, Tata Capital Housing Finance and Tata Cleantech Capital. In 2016-17, Tata Capital made a profit after tax of Rs 470 crore.