Altico Capital India, the real estate-focused non-banking financial company (NBFC) backed by Clearwater Capital, Abu Dhabi Investment Council and Varde Partners, has appointed Naina Lal Kidwai as the independent chairperson of its board of directors.
The appointment comes in the backdrop of the company’s plan to double its loan book to $ 2 billion over the next 18 months.
Current chairman Robert Petty is stepping down while continuing to remain on the board as non-executive director. He will remain an active shareholder director on the board as co-CEO of Clearwater Capital Partners, Altico’s largest shareholder before it was taken over by Fiera Capital Corporation.
Canada-based listed asset manager Fiera Capital Corporation entered into an agreement to acquire Clearwater Capital Partners in March and by virtue of this transaction, Altico will now count Fiera Capital as its largest shareholder.
“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 buildout including strategy, systems, policies and procedures required for a strong growth,” Kidwai said. Kidwai has been associated with Altico Capital as independent director since February 2016.
Started in 2015, Altico has so far invested over Rs 10,000 crore in Indian real estate and its current balance sheet size exceeds Rs 8,000 crore. The company is now set to diversify into other allied sectors such as logistics, hospitality, healthcare, education and infrastructure along with expansion of its focus on core real estate domain.
“Altico Capital is poised to double its loan book to $ 2 billion in the next 18 months. This will be done through deeper penetration and broadening of the real estate business and making inroads into asset-backed businesses like the infrastructure sector,” said Sanjay Grewal, chief executive officer of Altico Capital.
The company is looking to cross $ 4 billion book size in the next 3-4 years and Grewal expects that this kind of business growth will be suitably orchestrated under the Kidwai’s leadership.
“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. The shareholders collectively remain fully committed to the business. We have achieved our first milestone—$ 1-billion loan book—and $ 50 million PAT ( Rs 350 crore) and an institutional team,” Petty said.