Mumbai: Everstone-backed IndoStar Capital Finance Ltd on Wednesday said R. Sridhar will join them as executive vice-chairman and chief executive officer, taking over from Vimal Bhandari who has led the firm since 2011, according to a company statement.

Bhandari will remain on IndoStar’s board and stay as a shareholder. Sridhar, who has been associated with the Sriram Group since 1985, will be investing a significant amount of his own capital in IndoStar.

Sridhar will oversee IndoStar’s growth across its lending businesses, including corporate lending, small and medium enterprise (SME) lending, a 100%-owned housing finance subsidiary, IndoStar Home Finance Pvt. Ltd, and other asset financing businesses.

“I am excited to lead IndoStar Capital at this phase of its journey. The strong sponsorship of Everstone and other shareholders, combined with a well-capitalised balance sheet and a highly profitable business provide an excellent base for the next level of growth," said Sridhar.

At the end of March, the company had a net worth of Rs1,542 crore.