Bhavin Shukla resigns as director at Barclays India’s investment banking unit and will join JPMorgan’s investment banking unit
Mumbai: Bhavin Shukla has resigned as director at Barclays India’s investment banking unit and will join JPMorgan’s investment banking unit, said two people aware of the development.
At Barclays, Shukla held the role of head of Indian infrastructure coverage.
“Bhavin has resigned from Barclays India and is moving to JPMorgan’s i-banking unit. He will be looking after coverage of infrastructure clients at JPMorgan. Bhavin has spent a decade at Barclays India,” said one of the two people cited above, requesting anonymity as he is not authorized to speak with the media.
Barclays India declined to comment on the development. An email sent to JPMorgan was not answered.
The move marks yet another senior management exit at Barclays’s Indian investment banking unit. Last year, the bank’s managing director and head of structured finance Anuj Kapoor quit to join UBS as the head of its investment banking unit. Hardik Dalal, a director at Barclays, had quit last year to join Japanese bank Mitsubishi UFJ.
Barclays India investment banking division has been involved in several large transactions in the Indian infrastructure sector in the recent years. It was involved in the $1.38 billion sale of Welspun Renewables’ 1.1 gigawatt solar and wind asset portfolio to Tata Power Co. Ltd.
Other major transactions where Barclays was involved include Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ)’s investment in renewable power producer Azure Power and sovereign wealth fund Abu Dhabi Investment Authority’s investment in Cube Highways, a road platform set up by infrastructure investor I-Squared Capital and World Bank arm International Finance Corp.
JPMorgan’s India investment banking division has seen a couple of senior recruitments in the last few years.
In 2015, Nitin Maheshwari joined the bank as its head of India M&A unit. Maheshwari was previously associated with Credit Suisse. In June 2017, Ravi Shankar, a managing director with Deutsche Bank joined JPMorgan’s investment banking unit.