AIM-listed and India-focused private equity firm Elephant Capital has appointed Vikram Lall as its new chairman. He succeeds Pramath Raj Sinha, who has stepped down as the chairman but will remain the non-executive director on the board of the company.
Lall has nearly 40 years of corporate finance experience in investment banks in Scotland. He has been a non-executive director of Elephant Capital since October 2010.
Most recently, he was a corporate finance director and board member at Brewin Dolphin Holdings Plc., a position he held for 10 years. Prior to its acquisition by Brewin Dolphin, he was a corporate finance director at Bell Lawrie White & Co Ltd for six years and also had been an executive director of Noble Grossart Ltd, an Edinburgh-based merchant bank.
Lall is also a non-executive director of ISIS Property Trust and Crown Place VCT, both of which are quoted entities. Previously, he had been a non-executive director of quite a few public and private companies. He was also chairman of the Scottish Industrial Development Advisory Board between 2002 and 2007.
In May this year, Elephant Capital, which faced a tough time in 2010, decided not to make any fresh investment in companies other than re-investments in existing portfolio companies and returning cash to shareholders.
Although Elephant Capital made no investments in the six-month period ended February 28, 2011, it has been active early this year and announced £2.5 million investment in Air Works India (Engineering) Pvt Ltd, a follow-on investment of £0.9 million in Amar Chitra Katha Pvt Ltd and participated in the EIH rights issue, receiving its full entitlement of shares for a consideration of £1.7 million.
With the latest addition of Air Works to its portfolio, the PE firm has invested over 90 per cent of its funds. Its other portfolio companies include Mahindra Forgings, Nitco, Obopay, Global Cricket Ventures and ClintTec.
Elephant Capital Not To Make Fresh Investments In 2011; Only To Re-Up