Altico Capital India elevates Naina Lal Kidwai as Independent Chairman of the Board of Directors

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Robert Petty will step down from the Chairman role while continuing to remain on the Board as a Non-Executive Director.

Altico Capital India Limited (“Altico Capital”), a Non-Banking Financial Company (“NBFC”) promoted by Clearwater Capital, Abu Dhabi Investment Council and Varde Partners headquartered in Mumbai, India, has recently announced the elevation of Ms. Naina Lal Kidwai as the Independent Chairman of the Board of Directors of Altico Capital. Ms. Kidwai has been an Independent Director since February 2016. Robert Petty will step down from the Chairman role while continuing to remain on the Board as a Non-Executive Director. Mr. Petty will remain an active Board member as CO-CEO of Clearwater Capital Partners – Altico’s largest shareholder

On Ms. Kidwai’s promotion, Mr. Petty, said, “We are extremely pleased to announce Ms. Kidwai as the next Chairman of Altico Capital India. Her unparalleled experience especially in the financial sector, market reputation, leadership skills provide a rare combination and the Board, shareholders, senior leadership, key management and employees of Altico Capital will immensely benefit from her contribution. This appointment is a conscious step, exemplifying the evolution of Altico’s scale and institutional infrastructure. It is also good governance to transition the Chairmanship to an independent Director and such an outstanding one as Ms. Kidwai. The shareholders collectively remain fully committed to the business. Having achieved our first milestone 1Bn – 50mn PAT and an Institutional Team.”

The company is set for the next phase of growth by providing end to end financing solutions to all segments of RE including Mid-income and affordable housing, commercial/office, retail malls, hospitality, logistics, healthcare, infrastructure to name a few across all major cities in India besides diversifying in other adjacent asset backed sectors under the able leadership and guidance of the newly appointed Chairman, the esteemed board of directors, senior leadership and key management of Altico Capital India. This is at an opportune time when Altico Capital is set for the next phase of high growth with expansion and diversification on the agenda. Ms. Kidwai is a visionary and her keen business acumen will help us grow the business conservatively, profitably and consistently in India, one of the world’s most compelling growth markets. The company has done exceedingly well, and we are positive that Ms. Kidwai along with senior leadership will drive the performance to the

next level. This will certainly boost the confidence of all our stakeholders including financial partners and Client base.

On her Chairmanship, Naina Lal Kidwai said, “I am delighted to take over the mantle as the Chairman of Altico Capital from Mr. Petty who has already set very high standards and targets for the business. It’s a tremendous opportunity to closely work with Altico Capital’s marquee shareholders, Directors and leadership team in building a robust NBFC with a long-term commitment and cohesive vision towards wholesale lending in India through high upfront capitalization. These are exciting times which require a solution-based approach and patient capital in the housing and infrastructure sectors and I am also pleased to synergise with an experienced senior management team on all aspects of the enterprise build out including strategy, systems, policies and procedures required for a strong growth.”

Altico Capital is one of the largest foreign owned and controlled NBFCs by net worth and is well capitalized to capture loan growth opportunities being presented due to the capital constraints in the banking system.

Sanjay Grewal, Chief Executive Officer of Altico Capital said, “Altico Capital is poised to double its loan book to USD 2 billion in next 18 months. This will be done through deeper penetration and broadening of the real estate business, enter RE backed segments such as warehousing, logistics, healthcare, hospitality, etc. and making in-roads into asset backed businesses like the infrastructure sector. The focus will also to be enhance customer base, add new segments and geographies along with providing varied financial solutions across the spectrum. While healthy liquidity has been the strong backbone of Altico’s performance over last several years, the endeavour is to keep this momentum growing with further broadening and deepening of lender base. With all of this, we intend to cross $4bn book size in 3-4 years from now. This kind of vigorous business growth will be suitably orchestrated under the Chairmanship of Ms. Kidwai. While Mr. Petty had set the stage for Altico Capital India, Ms. Kidwai’s presence on the Board and her vast experience in financial markets landscape will significantly assist us in the growing our business, strengthening governance, enhancing our brand and reputation, and optimising value creation for all our stakeholders.

The Firm’s current focus is on senior secured lending to residential projects in the Real Estate sector across Tier-1 cities in India which include Mumbai, NCR, Chennai, Bangalore, Pune and more recently Hyderabad which is rebounding with the increased political stability. Altico Capital is well positioned to capitalize on direct lending opportunities in India, with a focus on making senior secured loans to the real estate sector whilst retaining the flexibility to invest across multiple strategies. The company expects to deploy $800-900mn every year for the foreseeable future given the overall requirements in the mid income and affordable housing segment in our core markets. The company is closely evaluating further asset growth and diversification strategies which may include the potential for commercial real estate funding to complement our residential lending footprint. Lastly, Altico Capital will also look to provide structured finance solutions to the capital starved infrastructure sector. Outside of the core strategy of financing mid-income and affordable housing segment, we will look to deploy an incremental $150mn steadily over the next 12-18months in the commercial RE and infrastructure sectors should the right opportunities present themselves.

Naina Lal Kidwai retired as Executive Director on the Board of HSBC Asia Pacific and Chairman HSBC India, after a 13-year stint. Before joining HSBC, she was Vice Chairman and Head Investment Banking at JM Morgan Stanley and was the first woman president of FICCI in 2013. She is on the Boards of Larsen & Toubro Limited, Cipla Limited, Max Financial Services Limited and Nayara Energy Ltd. and Chairs the India Advisory board of Advent international private equity.