Board of Directors

Shri Tarun Bajaj

Shri Tarun Bajaj assumed the responsibility of the Secretary, Department of Economic Affairs, Ministry of Finance on 1st May, 2020. He belongs to the Indian Administrative Service, 1988 batch, Haryana Cadre. Shri Bajaj has a Bachelor Degree in Commerce from Delhi University, MBA from IIM Ahmedabad and Post Graduate (M.Sc) from London School of Economics and Political Science.

Shri Bajaj before joining the Department of Economic Affairs worked as Joint Secretary and Additional Secretary to the Prime Minister from April 2015 to April, 2020. He has served as Joint Secretary, Department of Economic Affairs in 2014-15 and as Director and Joint Secretary in the Department of Financial Services from 2006 to 2011.

Shri Bajaj has over 31 years of experience in Administration, Management and Public Policy. He has primarily worked in the areas of Finance and Industry. Shri Bajaj has also served on the Boards of SIDBI, Bank of Maharashtra, Bank of India, New India Assurance Company, United India Insurance Company. Shri Bajaj currently chairs the National Investment and Infrastructure Fund (NIIF). He is currently also the Director on the Central Board of the Reserve Bank of India and SEBI. Shri Bajaj serves as Governor of India for International Fund for Agriculture Development (IFAD), and as Alternate Governor of India for the World Bank, Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB) and New Development Bank (NDB).


Mr. Rajaraman Kalyanaraman

Mr. K. Rajaraman, a senior Indian Administrative Service Officer of Tamil Nadu cadre, is a B. Tech in Electronics & Communications, a first-class MBA and Master of Economics.

Starting his career as a Design Engineer in BHEL, Trichy, during his rich and varied experience as an IAS Officer, he had held various administrative positions in the areas of Investment Promotion, Foreign Direct Investment, Public Sector Undertakings, Industrial Infrastructure, VAT Administration, etc. He was MD of Chennai Metro Railways for nearly 4 years during its early construction phase, Commissioner for Commercial Taxes in Government of Tamil Nadu and Joint Secretary Expenditure in Government of India in the recent past. He currently serves as Additional Secretary, Department of Economic Affairs, Ministry of Finance.

He has published articles in Business Line on ‘Right to Information’ and ‘Energy conservation Policy’. He is a certified trainer in Incident Command System for Disaster Management and has served as a Disaster Rescue Team leader in Nagapattinam (Tsunami relief) and Kanchipuram (Floods 2015, 2016). His special interest is in the field of Right to Information, Industrial Policy and Investment Promotion, Human Development, Consumer Protection, Disaster Management, Urban Mobility and Entrepreneurship.


Mr. Sanjay Bhandarkar

Mr. Sanjay Bhandarkar is an investment banker with over 25 years of experience across Rothschild, Peregrine and ICICI Securities focused on corporate finance advisory work. He has been on the board of directors of Tata Power Company Limited and S Chand & Company Limited since late 2016 as an independent non-executive director and has recently joined the board of HDFC Asset Management Company Limited in a similar capacity. He is also on the group corporate board of the Sanmar Group in Chennai as an Independent Director.

Mr. Bhandarkar started his career with ICICI and I-Sec, the joint venture between ICICI and JP Morgan, and then spent two years with Peregrine Capital. He was part of the founding team of Rothschild India in 1998 and played a key role in establishing Rothschild as a well-recognised and respected pure play advisory investment banking firm in India. He led the Rothschild business from December 2005 to June 2016 when he decided to step down from his full-time role.

Mr. Bhandarkar’s focus at Rothschild has been on M&A as well as equity capital market advisory business for Indian and international companies. He led the teams that worked closely with the Government of India on the 3G and BWA spectrum auctions, the first e-auctions done in India and on the restructuring of the Enron and GE owned Dabhol power project, one of the largest and most complex restructurings to date.

Mr. Bhandarkar holds an MBA from XLRI, Jamshedpur.


Mr. Deepak Parekh

Mr. Deepak Parekh is the Chairman of HDFC Limited, India’s leading housing finance company with presence across banking, asset management, life insurance, general insurance, real estate venture fund, education loans and education.

Mr. Parekh joined HDFC in 1978 and has been associated with the firm since then. He is on the board of several companies including Castrol India Limited, Fairfax India Holdings, Hindustan Unilever, Siemens Ltd, Mahindra & Mahindra, Indian Hotels Company and SingTel. He is on the Indian advisory boards of Coca Cola India, Boston Consultancy Group and Accenture India. He is also the Non-Executive Chairman of Glaxo India Ltd & Burroughs Wellcome.
Mr. Parekh has been a member of various Committees set up by the Government of India. He was appointed the Chairman of the high level expert committee formed to recommend measures for strengthening the Unit Scheme in 1964. The Reserve Bank of India appointed him Chairman of the Advisory Group for Securities Market Regulation, which was tasked to compare the level of adherence to international standards in India with that in other countries. He was also Chairman of the Expert Committee constituted by the Ministry of Power to look into the reform efforts in the power sector.

The Government of India honoured him with one of the highest civilian awards, the Padma Bhushan in 2006.
Before joining HDFC, he had worked for Ernst & Young, Grindlays Bank and Chase Manhattan Bank as its assistant representative for South Asia.

Mr. Parekh holds a Bachelors in Commerce from Sydenham College, Mumbai and is a Chartered Accountant.


Mr. Ishaat Hussain

Mr. Ishaat Hussain served as a Finance Director of Tata Sons Limited since July 28, 2000 and served as its Member of Group Executive Officers and Member of Group Corporate Centre until he retired from the Board of Tata Sons Ltd in Sept 2017. Tata Sons Ltd is the holding company of Tata Group which was established in 1868.

Mr. Hussain is an expert in Financial Management & overall Management and Operational Control and has vast experience in the areas of finance, banking, accounts, audit, taxation and general management. He has played a key role in steering the fortunes of companies as diverse as Tata Steel Ltd, Tata Consultancy Services Ltd, Voltas and Titan, as Senior Director on their boards. He has helped nurture many strong alliances in companies such as Tata Sky, Tata AIA Life Insurance and Tata AIG. Besides that, he has been on the Board of many Tata group companies who have been market leaders in their business segment.

Mr. Hussain has had the unique experience of working closely with four chairmen of the Tata Group over his long tenure of 36 years—J.R.D. Tata, Ratan Tata, Cyrus Mistry and now N. Chandrasekaran. For most of his distinguished career in Tata Sons, he was a key member of Mr. Ratan Tata’s core team, contributing actively to a long period of rapid and sustained growth. These were the two decades when the Tata Group successfully entered several new consumer businesses, made pioneering global forays, struck new alliances and, along the way, also listed its flagship business Tata Consultancy Services.

Mr. Hussain completed his schooling from the Doon School in 1963 and holds a B.A. (Economics) from St. Stephens College, Delhi and is a Chartered Accountant from England & Wales. He also attended the Advanced Management Program at the Harvard Business School.


Mr. Bruce R Crane

Mr. Bruce Crane leads Ontario Teachers’ infrastructure investing activities across Asia-Pacific and currently serves on the boards of Sydney Desalination Plant and India’s National Investment and Infrastructure Fund. Bruce joined Ontario Teachers’ in 2020 as one of the initial members of its new Singapore office, its 2nd in Asia after the Hong Kong office.

Prior to joining Ontario Teachers’, Bruce spent nearly 10 years at OMERS Infrastructure where he most recently led their investing efforts in Asia. Previously, he was based in New York where he focused on North & South America transport and energy related investments. While at OMERS, he served on Boards at Midland Cogeneration Ventures, Chicago Skyway, GNLQ Regas (Chile) and IndInfravit Tollroads (India). Prior to that, Bruce worked in Investment Banking at UBS (NYC) and Morgan Stanley (Houston) and earlier as a Field Engineer for Foster Wheeler (global).

Bruce holds a BS in Civil Engineering from Lehigh University and an MBA from the Columbia Business School.


Ms. Teresa Barger

Ms. Teresa Barger co-founded Cartica Management in 2007 along with two IFC (International Financial Corporation) colleagues, Farida Khambata and Mike Lubrano, and one former IFC portfolio company manager, Steven Quamme. Cartica currently manages approx. USD 2.8 billion in AUM and its portfolio currently comprises of 30% investments in Indian companies.

Prior to setting up Cartica, Ms. Barger spent 21 years at the International Finance Corporation investing in emerging markets companies across the globe with special emphasis on the Southern Cone of Latin America, Eastern Europe, India, Sub-Saharan Africa, and Eastern Asia. At IFC, among other positions, she was Division Manager for Africa, Deputy Director of Credit/Investment Review, and Director of Private Equity and Investment Funds. Ms. Barger also also responsible for developing the first two corporate governance funds in the Emerging Markets, namely for Korea and Brazil at IFC. Before joining IFC, Ms. Barger worked with McKinsey & Company in New York city.

She is a member of the Council on Foreign Relations and serves on the Boards of Emerging Markets Private Equity Association, American University in Cairo, and the Gazelle Finance (an SME fund for Eurasia). She also serves on the Advisory Councils for the Pacific Pension and Investment Institute, the Global Corporate Governance Forum, and Lumia Capital, a Silicon Valley venture capital firm.

Ms. Barger received her AB magna cum laude from Harvard College and her MBA from the Yale School of Management. She did post-graduate work at the American University in Cairo and is a fluent speaker of Arabic and French.


Mr Martin Adams

Mr. Martin Adams has served as an independent chairman and director on the boards of over 20 closed end funds and companies, predominantly focused on emerging markets and listed on a European stock exchange. He was nominated to the board of NIIF by AustralianSuper.

Mr. Adams has hands-on experience of managing unquoted investments in a diverse range of countries including India, Vietnam, Brazil, China, Hungary, Poland, Italy, Portugal, Singapore and the UK. He has chaired the boards of London-listed specialist funds holding alternative investments in Indian real estate and infrastructure assets; in private equity investments in cross-border companies that operate in the US-India corridor; and in environmental and emission assets in Asia, Europe and the Americas, including companies active in the reduction of greenhouse gas emissions and associated financial products.

Prior to serving as a director of listed emerging markets funds, Mr. Adams founded Vietnam Fund Management Company, raised and managed the first institutional investment fund for Vietnam and has been involved as a director, manager or sponsor of 11 investment funds and managers in Vietnam. Mr. Adams started his career with the Lloyds Bank group, where he was based in Hong Kong, Portugal, the Netherlands and the UK.

Mr. Adams holds an MA with Honours in Economic Science from the University of Aberdeen.


Mr. Sujoy Bose

Mr. Sujoy Bose is the MD & CEO of NIIFL. He has a rich multinational working experience of 25 years in International Finance Corporation (IFC), occupying multiple senior management positions along the way. Prior to joining NIIF Limited, Mr. Bose was director and Global Co-Head, Infrastructure and Natural Resources at IFC. As Chief Investment Officer and Head, IFC African Latin American and Caribbean Fund, he has managed and led the USD 1 billion regional growth fund to selectively co-invest with IFC. He also headed IFC’s Mumbai office and was responsible for managing its growth, building a strong team of 40 investment professionals.

Mr. Bose has an MBA in Finance from Rice University (Houston, Texas) and is a B. Com graduate from St. Xavier’s College (Kolkata, India).