Sanjay Nayar, the CEO of Kohlberg Kravis Roberts & Co (KKR) – a global alternative assets manager – has been named to the board of directors of Grameen Capital India, a Mumbai-based social business that promotes growth in the microfinance sector in India. Prior to joining KKR, Mr Nayar was the CEO of Citigroup India and South Asia. When commenting on his appointment, Mr. Nayar said, “Grameen Capital has played an important role in paving the way and enabling access to capital for microfinance institutions. As the requirement for accessible capital from India’s rapidly developing rural markets increases, my role here will be to provide counsel as Grameen Capital India evolves into a company of scale.” Financial information is unavailable for Grameen Capital India.
By Conner Brannen, Research Assistant
About Grameen Capital India:
Grameen Capital India is a “social business” based in Mumbai that promotes microfinance as an asset class and aims to enable microfinance institutions (MFIs) to develop wider access to capital markets. It is a collaboration between Grameen Foundation USA, IFMR Trust and Citigroup. Its key action points are: “Developing access to capital markets, initially in India, through securitization and other appropriate financial vehicles; structuring and arranging credit enhancements/ first loss guarantees to support the investment grade rating of the senior securities and working closely with the rating agencies to achieve required ratings at the most optimal cost; and advising MFIs on the standards of governance, accounting, reporting, and transparency necessary to satisfy commercial financing sources.” Financial information is unavailable for Grameen Capital India.
Sources and Additional Resources:
Economic Times: “Sanjay Nayar Joins the Board of Grameen Capital India,” June 29, 2010: http://economictimes.indiatimes.com/news/news-by-company/corporate-announcement/Sanjay-Nayar-joins-the-Board-of-Grameen-Capital-India/articleshow/6106026.cms
MicroCapital Universe Profile: Grameen Foundation: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Grameen+Foundation
MICROCAPITAL BRIEF: Microloan Default Risk Rises in India as SKS Microfinance Plans Initial Public Offering (IPO), June 23, 2010: https://www.microcapital.org/microcapital-brief-microloan-default-risk-rises-in-india-as-sks-microfinance-plans-initial-public-offering-ipo/
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