Ajay Srinivasan’s Role
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Ajay Srinivasan who is one of the most seasoned CEOs in the Indian financial services sector had an extremely vital role to play in helping Aditya Birla Group strengthen its financial services business. With Srinivasan’s constant efforts, dedication and determination, the Aditya Birla Group was able to become one of the most diversified and significant players in the Indian financial services sector. So, here we are going to take you through the various milestones that the Aditya Birla Group and its Financial services business achieved under the leadership of Ajay Srinivasan.
Ajay Srinivasan’s entry into the Aditya Birla Group:
Mr Kumar Mangalam Birla the chairman of the Aditya Birla Group announced the appointment of Mr Ajay Srinivasan as the company’s Chief Executive, Financial Services and Director, Corporate Strategy and Business Development for the Aditya Birla Group in early 2007. As per Mr Birla, the company was looking forward to building on their current platform and becoming one of the leading players in the financial sector, tapping into the large India opportunity. He believed that Ajay’s entry would help the company in getting closer to achieving its dreams.
What were the company’s expectations from Ajay Srinivasan?
As the Chief Executive, Financial Services, Ajay Srinivasan was expected to set the strategic direction and vision for the company, a key growth pillar for the Aditya Birla Group. His job role also involved operational leadership for the Group’s financial services business. He was also expected to continuously identify various emerging opportunities in the financial sector and lead the group’s entry into new business sectors. As per the statement given, Srinivasan was also meant to sit on the boards of Aditya Birla Management Corporation Limited and all the financial services businesses.
Ajay Srinivasan’s contributions during his tenure at the Aditya Birla Group:
During his role as the Director of Corporate Strategy and Business Development of Aditya Birla Management Corporation, Ajay Srinivasan strategized on business portfolio issues for the group.
In August 2016, the Aditya Birla Group announced that it was merging Aditya Birla Nuvo Limited and Grasim Industries Limited. It was also spinning off and listing one of its subsidiaries, Aditya Birla Financial Services Limited which was headed by Ajay Srinivasan. It was a complex transaction. Srinivasan was a key part in making this deal possible. Srinivasan built a business spanning 13 entities including life insurance, asset management, lending etc and brought the company from being a small entity into being something that could be listed and unlock value for the Group.
Under Ajay Srinivasan’s leadership, the unit’s revenue grew five and a half times to INR 9,300 crore in FY 2016. Even during the 2008 financial crisis, Srinivasan’s leadership ensured that the Aditya Birla Group’s financial services treated the crisis as an opportunity to reach out to new people and get more branches. It was also a great opportunity for the company to bring new businesses under a single umbrella, offering a wide range of protecting, investing and financing solutions to customers under one roof.
Srinivasan is someone well aware of the nature of business cycles having spent nearly three decades in the financial services business. He is someone full aware of business cycles having been at the helm through multple crises whether the global financial crisis or others. Because of his achievements, Ajay Srinivasan has been in the news and a key spokesperson for the financial sector.
Some other aspects of Ajay Srinivasan’s career:
Ajay Srinivasan started his career with ICICI, from IIM Ahmedabad in 1987. He then worked for the ITC Ltd Financial Services Division and was responsible for setting up the ITC Threadneedle Mutual Fund as Deputy Chief Executive. He then took charge as the first Managing Director of the JV called Prudential ICICI Asset Management Co. Limited. After successfully building the business into the largest private sector mutual fund in India he moved on to Hong Kong to set up the fund management businesses for Prudential Corporation Asia.
After building that business into a 70 Bn behemoth and the second largest retail fund manager in Asia, he joined the Aditya Birla Group in 2007. Since then, he has had a big role to play in shaping the future of the Group’s financial services business. He ensured that the company was able to maintain its customer-centricity while leveraging growth opportunities. He also established Aditya Birla Group as one of the most significant financial conglomerates in the country.
To End:
Ajay Srinivasan, with his vast experience and expertise, helped take Aditya Birla’s financial services business, Aditya Birla Capital, to new heights. Because of his excellent contributions to the Indian financial sector, Ajay Srinivasan news will continue to be in the financial services domain.
