Altico Capital's COO to lead the business as CEO resigns amid crisis
Altico Capital India Ltd. has Rs 4,361.5 crore of principal outstanding on loans from 27 lenders including the State Bank of India (SBI), HDFC Bank, Yes Bank and IFCI. While the NBFC works on chalking out a resolution plan, it also faces a change in leadership.
Chief Executive Sanjay Grewal resigned last week, and as Altico Captital misses a leader, COO Sanjeev Agrawal has stepped up to take the charge.
The COO has the full support of the board including shareholder nominees of Clearwater Capital Partners India Pvt. Ltd, Abu Dhabi Investment Council, and Varde Partners.
As per the report, Altico Capital has been facing pressure of accelerated debt repayment from some lenders and also experiencing difficulty in mobilising fresh funds. To come out of this financial crisis, the NBFC seeks some time and plans to restructure its debt.
“It is important that stakeholders give Altico and its advisors time to craft a plan that may maximize asset value, refrain from actions that exacerbate the liquidity problem and bear in mind the significant headwinds the real estate sector faces in India at the present time,” said Altico in a statement.
Agrawal has been working with Altico with almost 2 years now. While the time he has spent with the real estate financier is not much, he comes with a rich experience of more than 30 years. Out of his total experience he has spent majority of his professional life with Standard Chartered. In his last role at the bank, Agarwal was CFO, heading the financial agenda of the bank.
A Chartered Accountant, Agarwal identifies himself as a leader who can lead large teams to deliver extra ordinary ordinary results in any high complexity environment. It is exactly this determination and leadership Altico Capital needs amid the current financial stress.
Let's see how Agarwal along with other financial and legal advisors support discussions with creditors and help guide the real estate financier out of the chaos. Given the current situation of the economy, it could be more challenging for Altico and Agarwal to navigate through the financial crisis.
