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New Delhi: Agri-warehousing provider National Bulk Handling Corp. Ltd (NBHC) has appointed former finance secretary Vijay Kelkar as its chairman and an independent director on board.

NBHC has also appointed Ajay N. Shah, a former consultant with the department of economic affairs, ministry of finance, as an independent director. The developments come after private equity firm India Value Fund Advisors (IVFA) took management control of the company from Financial Technologies India Ltd (FTIL), promoter of crisis-ridden National Spot Exchange Ltd (NSEL).

Speaking on these appointments, NBHC managing director and CEO Anil Choudhary in a statement said: “We welcome the appointments of these two eminent professionals to our board. These appointments will significantly enhance the breadth and depth of experience on our board and help build further confidence not only in NBHC but also in the entire agri-supply chain." He added that their collective experience will help the company harness the potential of the agri-warehousing industry.

Welcoming the move, IVFA, partner, Divya Sehgal said: “IVFA is confident that with these appointments the company will further enhance its strong position in the marketplace to the benefit of all its stakeholders."

NBHC, since its takeover by IVFA early this year, has also appointed four partners from the new parent company on its board of directors. Divya Sehgal, Srikrishna Dwaram, Vikram Nirula and Pramod Kabra, partners at IVFA have taken positions as full time directors on the board.

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