PTC India Financial Services Limited (PFS) has announced a significant change in its top leadership. The company has appointed R Balaji as its new Managing Director and Chief Executive Officer, with the position set to be effective from July 12, 2024.

A Seasoned Professional at the Helm

R Balaji brings a wealth of experience to his new role at PFS, with over 27 years in building businesses and brands across various sectors. His diverse background spans multiple industries, including financial services, consumer goods, and cutting-edge technology.

Impressive Track Record

Prior to joining PFS, Balaji co-founded and served as the CEO of TuTr Hyperloop, a deep-tech start-up incubated at the prestigious IIT Madras Research Park. He continues to maintain a connection with the innovative venture as a Non-Executive Director.

Extensive Experience in Financial Services

A significant portion of Balaji's career - over 17 years - was spent with the Mahindra Group, where he held several leadership positions. His roles included:

• Heading Mergers & Acquisitions (M&A) and FinTech investments at Mahindra Finance
• Building the SME lending business, growing it to an impressive Assets Under Management (AUM) of approximately Rs 5000.00 crores

Strategic Expertise

Balaji's strategic acumen was honed during his tenure at Mahindra & Mahindra Limited, where he was a founding member of the Group Strategy Office. This experience is likely to be valuable in his new role at PFS, as the company navigates the complex financial services landscape.

Diverse Industry Background

Adding to his versatile profile, Balaji also brings experience from the consumer goods sector. He spent nearly nine years working with renowned companies ITC Agrotech and Nestle, further broadening his understanding of various business models and consumer behaviors.

Regulatory Compliance

In its announcement, PTC India Financial Services Limited confirmed that R Balaji is not debarred from holding the position of director by any regulatory authority. This assurance underscores the company's commitment to regulatory compliance and corporate governance.

The appointment of R Balaji as MD and CEO marks a new chapter for PTC India Financial Services Limited. With his extensive experience across multiple sectors and proven track record in financial services, stakeholders will be keenly watching how Balaji's leadership shapes the company's future strategies and growth trajectory.

PTC India Financial Services (PFS) has successfully resolved a debt of ₹115.60 crore related to Vento Power Infra Private Limited through a strategic management transfer. This resolution marks a significant milestone in PFS's efforts to manage its non-performing assets (NPAs) effectively.

Key Highlights of the Transaction

Transaction Details

The debt resolution process began with PFS issuing a Letter of Intent (LoI) to Enviro Infra Engineers Limited. This LoI outlined the proposed resolution of Vento Power Infra's debt through a 'Change in Management' process.

PFS and EIE Renewables Pvt. Limited executed the definitive agreements for the transfer of management control of Vento Power Infra Private Limited. PFS confirmed that it had received the full transaction value, marking the successful closure of the deal.

Professional Support

PFS engaged top-tier advisors to facilitate this transaction:

• Transaction Advisor: Deloitte Touche Tohmatsu India LLP
• Legal Advisor: Saraf & Partners

Implications for PFS

This successful debt resolution demonstrates PFS's commitment to addressing its NPA challenges proactively. By transferring the management of Vento Power Infra to EIE Renewables, PFS has not only recovered the outstanding debt but also potentially ensured the continued operation of the asset under new management.

The resolution is expected to have a positive impact on PFS's financial health, potentially improving its asset quality and freeing up capital for new lending opportunities.

Market Information

PFS is listed on both the BSE and the National Stock Exchange of India. Investors and market participants can find more details about this transaction on the company's official website at www.ptcfinancial.com .

This strategic move by PTC India Financial Services showcases the company's ability to navigate complex debt resolution processes and its commitment to maintaining a healthy loan portfolio.