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JPMorgan Chase & Co. has promoted two of its most senior dealmakers as co-heads of investment banking in India as the US lender seeks to strengthen its position in the market following the recent departure of Navin Wadhwani.
JPMorgan has elevated Nitin Maheshwari and Ravi Shankar as co-heads of investment banking for India, according to a memo seen by Bloomberg News, the contents of which were confirmed by a spokesperson for the bank. Both bankers will take on the responsibilities held by Wadhwani, who recently left the US lender to pursue other opportunities, according to the memo.
Maheshwari was until now head of mergers and acquisitions and financial sponsors for India, while Shankar was the country’s head of technology, media and telecommunications, as well as consumer and retail. Wadhwani joined the bank in 2022 after heading M&A for Mukesh Ambani, Asia’s richest person, at Reliance Industries Ltd.
The newly-appointed co-heads of investment banking for India will report to Paul Uren, head of investment banking for Asia Pacific, and to Kaustubh Kulkarni, senior country officer for JPMorgan in India. Maheshwari will also continue to report to Rohit Chatterji, head of M&A for APAC.
India became a hot market for deals in 2024, particularly for initial public offerings, as the world’s most populous country raised more than $20 billion from share sales, according to data compiled by Bloomberg. That included the country’s biggest-ever listing, which saw Hyundai Motor Co.’s local unit raise $3.3 billion.
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