SBI Macquarie hires CEO, Deputy CEO
CEO Varun Bajpai and Deputy CEO Praveen Gupta were assigned to manage SBI Macquarie and future firm.
SBI Macquarie Infrastructure Management Private Limited (SMIMPL), a joint venture of State Bank of India (SBI) and Macquarie Capital (Macquarie), will be led by Varun Bajpai as Chief Executive Officer and Praveen Gupta as Deputy Chief Executive Officer.
Upon approval of the Securities and Exchange Board of India, SMIMPL will manage a domestic fund, SBI Macquarie Infrastructure Trust (SMIT), which will invest into infrastructure projects and companies in India.
India's infrastructure deficit presents a tremendous opportunity for investors, said R. Sridharan, Managing Director & Group Executive (Associates & Subsidiaries) of SBI. "Over the next 10 years, the total funding requirement for infrastructure in India is anticipated to exceed $US1 trillion, as population growth and demographic change continue to exert pressure on India's existing urban infrastructure. We are confident that the SBI and Macquarie joint venture is well positioned to participate in this growth," said Sridharan in a report in India InfoLine.
Nick van Gelder, head of Macquarie Capital Funds in Asia, said the appointments of Bajpai and Gupta further demonstrate Macquarie and SBI's commitment to SBI Macquarie Infrastructure Management Private Limited the joint venture and are timely given the numerous attractive investment opportunities currently being pursued.
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