Financial services firm Reliance Capital Ltd, a subsidiary arm of Anil Ambani’s Run Reliance Capital has announced that Devang Mody will be the new CEO of Reliance Commercial Finance (RCFL) and will be leading all the related operations on Tuesday. Mr Mody will be taking over K V Srinivasan role, who will be shifting to the advisory role in the firm.
After the hike in the position, Devang Modi said: “India has embarked upon a major growth trajectory that will offer exponential growth opportunities for lending businesses.”
Devang Mody is 40 years old and CA by nature. He has 20 years of experience in financial sector. Mr.Mody began his career at Mahajan & Aibara, followed by Ernst & Young (EY). Later he joined as VP for Strategic Initiatives for GE Financial Services and then worked as President of Consumer Business at Bajaj Finance Limited.
Reliance Capital Chairman, Anil D Ambani said in a statement: “I am delighted to welcome Devang Modi as the new CEO of our commercial finance business, a high priority growth area for Reliance Capital in the future. Devang comes with an excellent track record of creating and rapidly growing highly profitable lending businesses in different segments. We expect Reliance Commercial Finance to significantly accelerate its growth momentum under his leadership.”
Reliance Commercial Finance is amongst the leading small and medium enterprise (SMEs) lenders in the non-banking finance space with assets under management of Rs 16,191 crore. The firm has distributed over Rs.50,000 Crore of loans and helped over 1.3 lakhs of SME’s. The total revenue made in FY16 is a net profit of Rs. 1,101 crore. Read more Indian CEO news.