Sanjay Bhandarkar, who has been with NM Rothschild for around two decades, has quit the London-headquartered investment bank, a person privy to the development told VCCircle. Bhandarkar, who has been managing director of Rothschild's India operations, will continue to be associated with the firm in a consulting role till the deals he has been associated with are closed.
The Economic Times that first reported the development citing three unnamed sources said Bhandarkar will be associated with the firm as senior advisor during the transition period.
A Rothschild spokesperson said the company has no comments to offer. An email query sent to Bhandarkar did not elicit a response at the time of publishing this report.
The M&A focused firm will now be jointly led by managing directors Amitabh Malhotra and Chandresh Ruparel. Rothschild India is a part of the 200-year-old, family owned, pure-play financial advisory firm, focusing mostly on cross-border M&As, restructuring and capital advisory.
The transactions that the firm is reportedly advising include sale of the India portfolio of SunEdison and acquisitions of Minacs by Convergys and YOU Broadband by Vodafone.
An XLRI Jamshedpur alumnus, Bhandarkar has been with Rothschild India as managing director for the last 18 years, according to his LinkedIn profile.
After graduating, Bhandarkar worked in the merchant banking division of ICICI and later moved to ICICI Securities. He also worked with Peregrine till it folded up in 1998 after the Asian financial crisis.
The 47-year-old is expected to take up social sector work in his home town Pune, the report said.
Bhandarkar is among a growing list of investment bankers who have ventured out to start their own investment outfits or take up new roles.
In April this year, JP Morgan India chief executive officer Kalpana Morparia was reported to have been elevated to oversee seven countries in addition to the three that are already overseen by her.
Rothschild recently appointed Richard Stagg as chairman of India operations. Stagg earlier served as British High Commissioner to India between 2007 and 2011. Stagg would work with Rothschild's global financial advisory teams in India and around the world providing M&A, debt and equity advice to companies looking to invest in the region.
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