Bajaj Finserv, the listed financial services arm of Bajaj Group, has appointed Anand K Gore as chief executive officer for a new infrastructure financing business, the company said in a press release.
Gore comes with 24 years of experience including 5 years in steel projects and 19 years in banking and financial services, the press release stated.
Bajaj Finserv proposes to provide financial solutions including debt and advisory services to infrastructure developers in areas such as power, road, port, telecom and railway through Bajaj Auto Finance (BAFL) a subsidiary of the Bajaj Group, according to the press release.
Recently, Reserve Bank of India (RBI), India’s central bank, introduced a new category of Infrastructure Finance Company (IFC) to enable infrastructure financing by banks and Non Banking Financial Institutions (NBFCs) in order to overcome asset-liability mismatches.
Under the classification, Infrastructure Finance Companies (IFCs) are allowed to have higher exposure for lending and investment to a single borrower or a group of borrowers. It also allows companies to raise up to 50 percent of its owned funds automatically in the overseas markets – through external commercial borrowings (ECB) – without having to seek government approval.