By Nick Hedley
British International Investment (BII), the U.K.’s development finance institution, has appointed Manav Bansal as its new managing director and head of India.
“Mr. Bansal will oversee the institution’s ambitions to invest up to $3 billion in India over the next five years and work to further strengthen BII’s presence across India,” the group said in a statement.
Based in Mumbai, Bansal will lead a team of 40 and report directly to BII’s head of Asia, Srini Nagarajan, who previously covered India. Nagarajan has taken on a wider role as part of BII’s expanded remit into the Indo-Pacific region.
Bansal’s mandate is to support private sector growth and India’s long-term development goals – particularly its renewable energy ambitions, said BII, which has pledged to invest up to $1 billion in climate finance in India over the next five years.
Bansal was most recently CEO at Neev Funds, a U.K. government-backed private equity firm focused on infrastructure investments. A civil engineer and MBA-holder, he has also worked at KPMG and PwC.
“It is a huge honor to have this opportunity to lead BII’s operations in India, the organization’s biggest investment market globally,” Bansal said.
Nagarajan said Bansal’s leadership “will be instrumental in executing our new five-year strategy, ensuring our investment into critical areas such as climate change and early-stage businesses continue to deliver productive, sustainable and inclusive impact over the long-term across India.”
In early July, BII said it would invest up to $250 million in a new passenger electric vehicle venture to be launched by Indian automotive group Mahindra & Mahindra. The new business will develop four-wheel passenger electric vehicles for India and other markets.