From succeeding an iconic CEO to convincing sceptical investors, the head of one of India's largest PE funds discusses her early challenges and plans.
"The general insurance penetration accounts for just 0.6 per cent of the country's GDP. There is clear potential for robust growth and we intend to leverage this opportunity. We have the financial capital, technology, distribution and brand to do this," says Vishakha Mulye, executive director, ICICI Lombard -- the largest private-sector general insurance company in India.
Mulye banks on domestic investors to raise money before approaching international markets.
ICICI group's private equity business head Renuka Ramnath is believed to have put in her papers on Monday.
ICICI Bank on Friday reshuffled its management as Nachiket Mor, an executive director, decided to quit. The board, at its meeting on Friday, promoted deputy managing director Chanda Kochhar as the joint managing director and chief financial officer (CFO) of the bank. The incumbent Group CFO Vishakha Mulye has been made executive director of the bank's subsidiary, ICICI Lombard General Insurance.
Both the issues will be floated simultaneously either this month or the next month, subject to regulatory approvals, ICICI chief financial officer Vishakha Mulye said.
Of the existing set of potential leaders, Bakhshi was clearly the only choice as he beat out other high-level candidates that included executive directors Anup Bagchi, Vishakha Mulye, NS Kannan, and Vijay Chandok who were lacking the all-round game that Bakhshi has.
KV Kamath has had a tough journey so far.
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