Piramal Enterprises Ltd (PEL) has appointed Kalpesh Kikani a s Chief Executive Officer of Piramal Alternatives, a ₹11,000-crore assets under management business managed through subsidiaries and joint ventures.

Kikani, who has more than 25 years of expertise in investing and financial services including a decade as founding Managing Director at AION Capital (a joint venture between Apollo Global Management and ICICI Group). Prior to which, he had spent over 15 years at ICICI Bank, playing a role in building the bank’s commercial banking business.

“Kalpesh brings with him, rich experience in building an alternatives business of global scale and standard in India, a 25 year track record of successfully investing in India and strong relationships with leading global investors. While globally, alternative assets have grown rapidly over the last 10 years to over $11 trillion, in India the asset class has grown much faster at over a 20 per cent compounded annual growth rate, making it one of India’s highest growth opportunities,” Anand Piramal, Executive Director at Piramal Group said.

“The alternatives business, is another step in building a new age, digitally driven, diversified financial services conglomerate at Piramal,” he added.

PEL, a publicly-listed company in India, has diversified business interests in financial services and pharmaceuticals. The company, which generates about 34 per cent of its revenues ($1.7 billion in FY2020) from overseas, has long-standing partnerships with institutional investors such as Canada Pension Plan Investment Board, Bain Capital Credit, Caisse de dépôt et placement du Québec and Ivanhoé Cambridge among others.

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