New Delhi: Well known banker Vikram Pandit-led global fund has invested Rs 540 crore in JM Financial's real estate lending subsidiary FICS.
India-origin Pandit, who was earlier chief of global banking major Citigroup, has also joined the board of FICS as non-executive chairman.
FICS Consultancy Services is the real estate lending arm of JM Financial.
In a statement today, JM Financial said FICS has received a significant capital investment.
"The capital investment of Rs 540 crore comes from a Global Fund led by Vikram Pandit," it said.
Besides, JM Financial has provided additional capital of Rs 360 crore, taking the total capital commitment for FICS to Rs 900 crore.
While Pandit has joined FICS board non-executive chairman, Vishal Kampani and Hari Aiyar have become non-executive vice chairmen in the company.
V P Shetty would continue to be a director on the board.
"We are extremely happy to welcome Vikram Pandit as chairman on the board of FICS and are confident that his expertise in global financial services will guide the team while leveraging his knowledge of best global practices," JM Financial Group Chairman Nimesh Kampani said.
According to him, the capital injection would open up new growth opportunities in a promising market.
The investment also underscores Pandit's belief in the group's ability to identify growth opportunities and create significant value for its stakeholders through its product offering, he noted.
An integrated financial services group, JM Financial is into investment banking, institutional equity sales, trading, research and broking, among others.
Last year, JM Financial had announced that Pandit would spearhead its proposed banking venture and also make a strategic investment in the financial services group.
At that time India-origin Pandit will join hands once again with his business partner Hari Aiyar to buy three per cent stake in JM Financial for Rs 45 crore.
