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MUMBAI : Non-bank financier IndoStar Capital Finance Ltd on Friday appointed Deep Jaggi as its new chief executive officer.

R. Sridhar will continue as vice-chairman of IndoStar until the end of his five-year term on 17 April 2022, it said. Sridhar had joined the company in April 2017 as the executive vice-chairman and CEO.

“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 organization through a challenging period resulting from covid-19," it said.

In his role as the chief business officer, Jaggi 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, it said.

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."

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