Devang Mody to head Reliance Commercial Finance

Chennai: Forty-four year old Devang Mody has been appointed CEO of Reliance Commercial Finance Ltd (RCFL), the company said in a statement on Tuesday.

Reliance Commercial Finance, a subsidiary of Reliance Capital Ltd, focusses on lending to small and medium enterprises (SMEs) with assets under management (including securitised portfolio) of Rs 16,191 crore ($2.4 billion) as of December 31, 2016.

"I am delighted to welcome Devang Mody as the new CEO of our Commercial Finance business, a high priority growth area for Reliance Capital in the future," Anil D. Ambani, Chairman, Reliance Capital, was quoted as saying in the statement.

"Devang is a visionary pioneer, and comes with an excellent track record of creating and rapidly growing highly profitable lending businesses in different segments. We expect Reliance Commercial Finance to significantly accelerate its growth momentum under his leadership," Ambani added.

"India has embarked upon a major growth trajectory that will offer exponential growth opportunities for lending businesses. I thank Reliance Capital for giving me this opportunity to lead and grow this already established and high potential business," Mody was quoted as saying in the statement.

A chartered accountant by qualification, Mody joins Reliance Commercial Finance from Bajaj Finance, where he served as President - Consumer Business, managing a group of B2B and B2C lending businesses.