India Resurgence Synergies Fund

Cat II · Managed by India Resurgence Fund

Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.

Overview

Key facts

SEBI registration no.IN/AIF2/26-27/2198

Team25

Shantanu Nalavadi

Managing Director

Shantanu Nalavadi is the MD of IndiaRF, overseeing resolution-focused investing in distressed assets from India's large NPL pool, targeting sectors such as industrials, infrastructure, and manufacturing. A Chartered Accountant with 20+ years in financial services, he was previously Co-Head of the Structured Investment Group at Piramal Enterprises (USD 350M+ AUM). He spearheads the on-ground team for deal execution, turnarounds, sponsor engagement, and operational improvements.

Ajay Piramal

Chairman, Piramal Group (Co-Sponsor)

Ajay Piramal is the Chairman of Piramal Group, the co-sponsor of IndiaRF at 50% alongside Bain Capital. He built the Piramal Group from a textile conglomerate into a global pharma and financial services powerhouse. He articulated IndiaRF's thesis: 'effective resolution would release capital for banks to fund new capital asset formation, which would in turn fuel future economic growth for the country.'

Anand Kashikar

SEBI Contact Person

Anand Kashikar is the SEBI-designated contact person for India Resurgence Fund Scheme 2, based at Piramal Tower, Lower Parel, Mumbai.

Mitesh Kothari

Director, Investments

Mitesh Kothari is a Vice President at India Resurgence Fund, contributing to deal sourcing, execution, and portfolio management.

Shitij Kale

Managing Director, Investments

Abhishek Ruwatia

Senior Director, Investments

Hrishikesh

Director, Investments

Registration

SEBI registration

SEBI-registered

SEBI registration no.IN/AIF2/26-27/2198

RegisteredMay 2026

Valid untilPerpetual

Contact personJonty Motwani

Address3rd Floor Piramal Towers Peninsula Corporate Park Ganpatrao Kadam Marg Lower Parel W Mumbai, Maharashtra 400 013 India, Mumbai, Maharashtra, 400013

Investment manager

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