Before joining IFCI as CEO & Managing Director in July 2007, he worked for 20 years in various positions in the Government of India (GOI). The assignments involved a diverse range of activities from hands on management, to regulation, and formulating policy. He started his career in Forward Markets Commission in 1987 where he worked for four years on the development of forward and futures trading and setting up of new commodity exchanges. Between 1991 and 1993 – he worked on policy making in the Planning Commission, Government of India. He was associated with new policy initiatives on mega cities during this period. His presence in the Ministry of Industry between 1993-1996 coincided with the dismantling of industrial licensing regime and sweeping tariff reforms. Between 1997 and 2002, he was in Delhi Development Authority handling finance, marketing and regulation.
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In 2002, he joined the Banking Division of the Ministry of Finance, Government of India, as a Director managing ownership matters of Government sponsored financial institutions, such as IDBI, IFCI, Exim Bank, SIDBI, IIBI and IDFC. He worked on the rescue packages of IDBI, IFCI etc. He set up Stressed Assets Stabilization Fund (SASF) in 2004, a Special Purpose Vehicle (SPV) which manages the bad debts of IDBI Ltd. He also Chaired Dena Bank for a short time. He was bestowed with the responsibility for setting up of India Infrastructure Finance Company Ltd. in December 2005 where he worked as a Director on the Company’s Board until he joined IFCI.
Currently he is on the Board of Directors of IFCI Ltd., IFCI Venture Capital Fund Ltd. (IVCF), IFCI Factors Ltd. (IFL), IFCI Financial Services Ltd. (IFIN), Tourism Finance Corporation of India Limited (TFCI), MPCON Limited, Himachal Consultancy Organization Ltd (HIMCON), North India Technical Consultancy Organization Limited (NITCON) and HARDICON Limited.
• CEO & MD of IFCI Ltd. – July 11, 2007 onwards
• Director, Banking Division -2002 – 2007
• Director, Delhi Development Authority -1997 – 2002
• Economic Advisor, IB -1996 – 1997
• Deputy Director, Office of EA, -1993 – 1996
Ministry of Industry
• Planning Commission -1991 – 1993
• Forward Markets Commission – 1987 – 1991
• Set up India Infrastructure Finance Company Limited in December, 2005.
• Executive Director in India Infrastructure Finance Company Limited between December 2005 and May, 2007.
• Member of Government of India Committee to seek investments from the Gulf countries.
• Member of the Committee on Reforms of the Department of Posts.
• Director on the Board of Directors of Vijaya Bank between 2004 and 2007.
• Director on the Board of Directors of Dena Bank between 2002 and 2004.
• Director on the Board of Directors of Industrial Investment Bank of India between 2002 and May, 2007.
• Government Nominee Director on the Board of Directors of IFCI Ltd. (formerly Industrial Finance Corporation of India Ltd,) August 21, 2005 to May 31, 2007.