Larsen and Toubro Finance Holdings, the financial subsidiary of infrastructure and engineering tycoon L&T (1528.8 BSE) has recently appointed Ved Prakash Chaturvedi to head their capital market business which contains stock broking parameters, product distribution, equity capital market and mutual fund investments.
Larsen & Toubro's chief financial officer Y M Deosthalee, confirms, "Mr Chatuvedi has joined us to look after our capital market business."
A trained engineer in Electronics and Management degree holder from IIM Bangalore, Chaturvedi has served a glorious 17 years in asset management business and trailed down the Managing Director position from Tata Mutual Fund in September 2010 after wheeling 7 years along the tide.
Chaturvedi"s working career began within mutual fund industry in late 80s when Sun F&C.
Mutual Fund appointed him to manage of its offshore equity schemes. Next, he went on to monitor SBI Mutual Fund and went ahead to become the youngest CEO in Indian fund management industry on joining Cholamandalam Cazenove Mutual Fund.
Shortly after, Chaturvedi stepped into Tata Mutual Fund as their MD around 2003.
Sited sources view that the appointment of Ved Prakash in L&T Finance would lead to further expansion as the big infrastructure brand is planning to segregate its businesses into nine solely regulating bodies.
A SEBI approval of launching Rs. 1,750 crore public issue of L&T"s first ever independent arm has been received so that the proceedings of this issue can be used in paying back inter- corporate deposit or around Rs 345 crore issued by L&T Group thus infusing Rs. 570 crore as the company"s capital and investing Rs 535 crore in Infrastructure Finance business.