IndoStar Capital Finance appoints Deep Jaggi as CEO after R Sridhar steps down

10 Jan 2022 , 09:50 AM

IndoStar Capital Finance Limited (“IndoStar”), has announced the appointment of Deep Jaggi as Chief Executive Officer. R. Sridhar decides to step down on completion of his five-year term where he will continue as Vice Chairman of IndoStar until the end of his five-year term on April 17, 2022.

Over the past five years R. Sridhar has ably led the transformation of IndoStar from a corporate lender to a retail-focused financier and steered the organisation through a challenging period resulting from Covid-19.

In his current role as Chief Business Officer (CBO) of IndoStar, Deep has been responsible for the overall retail business development and collections. Under his leadership the retail business has established pan-India presence by adding resources in the North and East regions.

Jaggi brings with him over two decades of rich experience with HDB Financial (wholly owned subsidiary of HDFC Ltd.), Cholamandalam and Apollo Tyres. He will now lead IndoStar through its next phase of retail growth and value creation.

Bobby Parikh, Chairman, IndoStar, said, “With this change, we are paving the way for a seamless leadership transition. We thank Sridhar for his contribution and believe IndoStar will benefit tremendously from Deep’s extensive retail lending experience. We wish Deep and Sridhar the very best.”

R Sridhar, Vice Chairman, IndoStar, said, “Deep has not only been an effective Chief Business Officer, but has also proven himself to be a successful leader. He is the perfect choice to lead IndoStar through its next phase of growth and scale-up. I wish him all the best in the new role.”

Deep Jaggi, CEO, IndoStar, said, “IndoStar is a well-capitalized NBFC. We have built a pan-India retail platform by investing ahead of the curve in teams and technology. I am honored to take on the new responsibility and excited about the growth potential of IndoStar.”

On Monday at around 9:49 AM, Indostar Capital Finance was trading at Rs236 apiece down by Rs2.15 or 0.9% on the BSE.