Ved Prakash Chaturvedi , who stepped down as managing director of Tata Mutual Fund a few months ago, is all set to head L&T Finance Holdings , the financial services business of engineering and infrastructure major Larsen & Toubro. Chaturvedi will head the group's capital market business which includes the mutual fund, equity capital market, product distribution and stock broking verticals.
Larsen & Toubro's chief financial officer YM Deosthalee, when contacted, confirmed the news. "Mr Chatuvedi has joined us to look after our capital market business," he said.
Chaturvedi, with around 17 years of experience in the asset management business, quit Tata Mutual Fund last September, after more than seven years at the helm. An electronics engineer by training, Chaturvedi pursued his management degree from the Indian Institute of Management , Bangalore , in the late 80s, specialising in finance. He began his career in the mutual fund industry by joining Sun F&C Mutual Fund to manage one of its offshore equity schemes. His next assignment was heading investments at SBI Mutual Fund . He became the youngest CEO in the Indian fund management industry when he joined Cholamandalam Cazenove Mutual Fund . He joined Tata Mutual Fund in 2003.
According to industry sources, Chaturvedi's appointment will help L&T in its plans to expand its financial services business. L&T, the Rs 40,000-crore engineering and infrastructure major, has undertaken a comprehensive restructuring exercise to divide its businesses into nine independent companies. The group has consolidated its financial services businesses into L&T Finance Holdings, which has sought Sebi approvals to launch a Rs 1,750-crore public issue.
L&T Finance is slated to be the first of the independent companies from L&T's umbrella to hit the capital market. The proceeds of the issue will be used to repay inter-corporate deposit issued by the promoter to the company worth Rs 345 crore, infusing capital of Rs 570 crore into L&T Finance and investing Rs 535 crore in the capital base of L&T Infrastructure Finance Company .
Source: http://economictimes.indiatimes.com/news/news-by-company/corporate-announcement/tata-mutual-funds-former-md-ved-prakash-chaturvedi-to-head-larsen-toubro-finance-holdings/articleshow/8281357.cms
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