Parvez Umrigar, a former infrastructure executive who joined Enam's infrastructure fund, has stepped down to join the $3-billion textile-to-gas pipes-maker Welspun Group, sources told VCCircle.
Umrigar joined the team for a $750-million infra-focused fund promoted by Enam last year after a stint as CEO & MD of Gammon Infrastructure Projects Ltd. VCCircle learns that Umrigar has joined Welspun Infratech Ltd., a 100% subsidiary of Welspun Gujarat Stahl Rohren Ltd, as CEO & MD.
Welspun group has aggressively pushed into the infrastructure space last year with two acquitions. It acquired MSK Projects India Ltd, which is engaged in the construction of road and water pipeline, for around Rs 400 crore. In December, Welspun Infra Projects Pvt Ltd, a closely held entity of the group, acquired 35% stake in Leighton Contractors India Pvt Ltd, the Indian arm of Australia's Leighton International, for Rs 470 crore.
An email sent to Enam did not elicit a response at the time of publication of this article. Umrigar confirmed the development when contacted by VCCircle.
Meanwhile, Mauritius-based Enam India Infrastructure Fund recently got the approval from Foreign Investment Promotion Board (FIPB), the nodal body for clearing foreign direct investment proposals, to induct Rs 3,450 crore. The fund will invest in roads, power, ports and airports besides infrastructure ancillary projects.
In 2010, Axis Bank acquired the investment banking and equity business of Enam Securities Ltd in an all stock deal valued at Rs 2,064 crore. But this deal did not include the asset management business of the firm, which still remains with its promoters.
Other team members of the fund include Arun Srivastava, former managing director and chief executive of Essar Power Ltd and Ajay Munot, former executive director of Kalpataru Power Group. Umrigar will be the second executive to leave after Jayesh Desai, former National Director at Ernst & Young (E&Y), quit to join Unitech Infra last year. Umrigar was with Gammon Infrastructure for nine years and became managing director in July 2005. He is a chartered accountant by qualification.