JPMorgan Chase & Co. has appointed Nitin Maheshwari and Ravi Shankar as co-heads of its investment banking division in India, following the exit of Navin Wadhwani. The promotions aim to bolster the US lender’s leadership in India’s dynamic market.
According to a memo seen by Bloomberg News, Maheshwari and Shankar will assume Wadhwani’s previous responsibilities. Maheshwari has been leading mergers and acquisitions (M&A) and financial sponsors in India, while Shankar oversaw technology, media, telecommunications, consumer, and retail sectors.
Wadhwani, who joined JPMorgan in 2022 after heading M&A for Mukesh Ambani’s Reliance Industries, recently left to explore new opportunities. The new co-heads will report to Paul Uren, head of investment banking for Asia Pacific, and Kaustubh Kulkarni, JPMorgan’s senior country officer for India. Maheshwari will also continue reporting to Rohit Chatterji, head of M&A for APAC.
India emerged as a prominent market for deals in 2024, raising over $20 billion through share sales, including Hyundai Motor Co.’s record-breaking $3.3 billion IPO. This leadership change underscores JPMorgan’s commitment to maintaining its competitive edge in the country’s flourishing investment banking sector.
