Private equity veteran Renuka Ramnath is among the five persons appointed by the Ministry of Civil Aviation to oversee the financial restructuring plan for Air India.
Ajit Singh, minister of civil aviation, who is spearheading the turnaround and financial restructuring plan for Air India, has appointed them as part-time directors on Air India’s board, to use their skills for achieving the targets set by the government, said an official release.
Author Gurcharan Das, former Air Marshal KK Nohwar and professors Prem Vrat and Ravindra H Dholakia are the other part-time directors.
The appointments are part of the government’s plan to take a decision on issues plaguing the airline, including leasing out, monetisation of assets, boosting top-line and reducing debt in the backdrop of heightened competition.
Renuka holds a bachelor’s degree in Engineering and an MBA with AMP from Harvard Business School. She is a founder, managing director and CEO of Multiples Alternate Asset Management which manages $400 million of Indian and international capital.
She founded Multiples in 2009 and has spent over two- and-a-half decades in the Indian financial sector across private equity, investment banking and structured finance.
In her last stint, she was MD and CEO of ICICI Venture for close to a decade where she gained experience in fund raising, investments and returning third party capital.
The other members the expert committee have served in various organisations at top levels. Gurcharan Das is a graduate in Philosophy from Harvard University and has worked as CEO of Procter & Gamble India. Former Air Marshal KK Nohwar has more than 40 years of experience in aviation. Prem Vrat is working as vice chancellor of Gurgaon-based ITM University. Dholakia is professor with IIM, Ahmedabad’s Economics and Public System.