About Us

Our vision at L&T Financial Services is to be an Admirable, Inspirational & Sustainable institution. 


We have a solid expertise in debt advisory and debt arranging, capital raising, advisory services, corporate and project advisory and strategic advisory services. Our extensive knowledge-based work culture and our ability to understand your needs helps us stand apart.


L&T Financial Services's Infra Finance is backed by L&T Finance Holdings, a part of Larsen & Toubro Limited. We were incorporated as a Non Banking Financial Company (NBFC) in 2006, under the Reserve Bank of India (RBI) Act 1934.


In a short span of just 10 years, we have establised ourselves as an Infrastructure Finance Company (IFC), as given by RBI. Since 2011, we have been also stated as Public Finance Institution (PFI) by the Ministry of Corporate Affairs.

Board Of Directors

Mr. Dinanath Dubhashi

 Non- Executive Director


Mr. Dinanath Dubhashi is the Managing Director & Chief Executive Officer of L&T Finance Holdings. His rich experience extends across 25 years in multiple domains in financial services such as Corporate Banking, Cash Management, Credit Rating, Retail Lending and Rural Financing.


He has been with L&T Financial Services since 2007 and has been instrumental in scaling up the retail business operations manifold, across customer segments and geographies.Under his leadership, retail business has grown both organically and inorganically to reach an asset size of around Rs 28,000 crores, serving more than 30 lakh customers.


He has also provided leadership to various functions such as Operations and Information Technology for L&T Financial Services.Prior to this, he was associated with organizations such as BNP Paribas, CARE Ratings and SBI Capital Markets in various capacities.


He holds a B.E. (Mechanical) degree and a PGDM from IIM Bangalore.


Mr. S.H. Bhojani

Independent Director


Mr.S H Bhojani is a Partner at Cyril Amarchand Mangaldas’ Mumbai office since 2001.Prior to joining the Firm, he has had a long and fruitful career with ICICI Limited (now ICICI Bank Limited) for almost 28 years starting as a Law Officer and reaching the Board of Directors of ICICI Limited as Deputy Managing Director and General Counsel.


As the head of Finance Practice at Cyril Amarchand, he had been driving transactions in varied practice areas, including banking and project finance, securitisation, debt and corporate restructuring.


He is involved in structuring transactions, suggesting business and strategic solutions and providing regulatory advice to the clients.His expertise and commercial insight are acknowledged by all relevant players in the financial market. He has been named as senior statesman and has also been described "a legendary figure" in the financial legal landscape by Chambers Asia 2013.



He has also been mentioned as a ‘leading lawyer’ in banking by IFLR1000 (2012). He has worked very closely on important economic legislations as a member of several high-powered committees appointed by the Government of India, including:Committee on Review of Eligibility Norms constituted by SEBI.Committee on Sick Industrial Companies (Special Provisions) Act (SICA) / Board of Industrial and Financial Reconstruction (BIFR).The Advisory Group on Bankruptcy Laws.Working Group for Drafting Law for Enforcement of Securities by Banks and Financial Institutions.Working Group on Foreclosure Law (Andhyarujina Committee).Committee on Insider Trading constituted by SEBI. The Working Group on Negotiable Instruments Act, 1881.


Mr. Pradip Roy

Independent Director


Mr. Pradip Roy, having worked as an officer at the Bank of India for 6 and a half years, he joined IDBI in 1979 and spent close to 29 years there. He retired as Executive Director at IDBI Bank Limited in 2008. Post that, he worked as a full time Advisor to UTI AMC Limited for 3 and a half years.


Today, Mr. Roy is a Senior Advisor with the American Investment Advisory firm, Lincoln International Advisors Private Limited and Pipavav Defense and Offshore Engineering Company Limited.Mr. Roy was appointed as a representative of the financial sector on the Working Group on Ports & Shipping by the Chairmanship of Secretary, Ministry of Shipping, Government of India in August 2010. His paper on the power sector was selected for personal presentation by the World Energy Congress held in Buenos Aires, Argentina in October, 2001.


Mr. Roy is also a Director on the boards of various companies – Philips Carbon Black Limited, Precision Wires India Limited, Noida Power Company Limited, GVK Industries Limited, IL&FS Infra Asset Management Limited, GVK Gautami Power Limited and Mumbai International Airport Private Limited.


He is also a member of the CSR Committee of the Board of the Company and a member of the Audit Committee of Boards of Precision Wires India Limited, GVK Industries Limited, IL&FS Infra Asset Management Limited, GVK Gautami Power Limited & Mumbai International Airport Private Limited.He is also a member of Nomination and Remuneration Committee of the Boards of GVK Gautami Power Limited, Mumbai International Airport Private Limited and Precision Wires India Limited. Mr. Roy does not hold any shares or stock options in the company. He is not related to any director of the company.


He is a CAIIB, a management graduate from Faculty of Management Studies, Delhi University and also holds a B.Sc. (Hons.) degree in Petroleum Engineering. He studied engineering at Indian School of Mines, Dhanbad. He has also been trained in Investment Appraisal and Management from Harvard University, Cambridge, USA.



Mr. A.K Jain

Independent Director


Mr. A K Jain has held important positions with the Government of India as an Indian Administrative Service Officer. Prior to this, he was Director & Additional Controller of Capital Issues in the Investment Division of the Ministry of Finance, Assistant to Executive Director, Asian Development Bank, Joint Secretary in the Banking Division of the Ministry of Finance, Special Secretary, Ministry of Power and Secretary to the Government of India, Ministry of Finance (Department of Disinvestment).


Mr. Jain has served a Non-Executive Director on the boards of several central and state PSUs including Canara Bank, Cochin Shipyard Limited, The Industrial Finance Corporate of India Limited and ITI Limited. He has served as a member of the ADB Institute Advisory Council of the Asian Development Bank for two years, from September 11, 2006 to September 10, 2008 and as a member of the Advisory Board on Bank, Commercial & Financial Frauds, constituted by the Central Vigilance Commission, Government of India from July 1, 2007 to June 30, 2009.


Mr. Jain is a B.Com (Hons.) graduate and holds a Master’s Diploma in Public Administration from the Indian Institute of Public Administration. He is a Commerce gradute from the University of Delhi. 


Mr. Rishi Mandavat

Non-Executive Director


Mr. Rishi Mandawat is the Principal of Bain Capital and leads Investment and Coverage in the Financial Service, Industrial and Energy Sectors.


Prior to joining Bain Capital, Mr. Mandawat worked at McKinsey and Company in the Delhi office on a number of strategic and operational issues for clients in the electric power and energy, construction, retail and automotive, sectors. Prior to joining McKinsey, he worked in the as a finance controller for two business units in ABB in India. Mr. Mandawat was a summer analyst at P&G in Mumbai during his MBA at IIM, Ahmedabad.


Mr. Mandawat received his MBA from the Indian Institute of Management, Ahmedabad and his B.Com from Jodhpur University. Mr. Mandawat is also a Chartered Accountant from the Institute of Chartered Accountants of India.


Mr. Pradeep Kumar P

Independent Director


Mr. Pradeep Kumar P. has had a successful career at State Bank of India for more than 40 years. He joined the Bank as a probationary officer and rose through the ranks to become Managing Director of the Bank. Has has gained tremendous exposure to a plethora of areas within banking – Corporate, International, Retail & Transaction Banking in addition to Treasury and Information Technology.


He retired holding the portfolio of Corporate Banking, the largest business group in State Bank of India, encompassing Large Corporate, International Banking, Project Finance and Stressed Asset Management Groups. He has also held other important positions as Managing Director of State Bank of Travancore, Chief Information Officer and Deputy Managing Director of Global Markets handling the largest treasury operations.


In addition to being Director on the Central Board of State Bank of India, he was Chairman, Risk Management Committee of the Board and member of the Audit Committee of the Board, IT Strategy Committee and Asset Liability Management Committees of the Board. Over the term of his career he has gained vast expertise and rich exposure to risk management policies and corporate governance principles and practices.


He was nominee Director of State Bank of India in National Payment Corporation of India (NPCI), C-Edge Technologies Ltd. Clearing Corporation Ltd. (CCIL), and Central Depository Services Ltd. (CDSL). While working at the Bank, he was actively involved with the Government on policy formulations. He was a member on the Kelkar Committee on ‘Revitalisation of PPP Model of Infrastructure Development.


He is a Post Graduate in Statistics from the University of Madras and a Certified Associate of the Indian Institute of Bankers.


Ms. Falguni Nayar

Non-Executive Director


Ms. Falguni Nayar was Managing Director and CEO of Kotak Investment Bank during her last 6 years of her 19 year stint there. Currently she is the founder and CEO of nykaa.com an online e-commerce website for beauty and wellness products. The site also offers an online magazine, expert advice and virtual makeover tools.


She had earned the title of ‘Top Business Woman’ by Business Today in 2009 and 2011. She has also received the FICCI Ladies Organisation award for ‘Top Woman Achiever’ in the field of banking in 2008.


She holds a B.Com. degree from the Mumbai University and a PGDM from IIM, Ahmedabad.


Mr. Thomas  Mathew



Mr. Thomas Mathew T. was the Managing Director & Chairman in charge of Life Insurance Corporation of India (LIC). After his retirement from LIC, he was the Managing Director & CEO of the Reinsurance Group of America for India, Sri Lanka and Bangladesh. He is member on the Boards of Larsen & Toubro Limited, L&T Finance Holdings Limited and L&T Infra Debt Fund Limited.


He holds a Post-Graduate Diploma in Management, a Post-graduation in Economics and is a graduate of Law. He is also an Associate of the Insurance Institute of India and has a Diploma in the Spanish language.


Mr. Virender Pankaj

Chief Executive - Wholesale Finance



Mr. Virender Pankaj manages an asset book of more than Rs 42,000 crores in areas of Infrastructure Finance, Structured Finance and Supply Chain Finance. He has been instrumental in building and growing the wholesale business significantly over the last decade. Under his leadership, the debt capital market business has grown multifold. LTFS is the market leader in its focussed areas of infrastructure finance; Renewables, Operating roads and Transmission.


Mr. Pankaj has over 26 years of experience in project finance, project appraisal, working capital, corporate finance. He has extensive experience in lending to sectors such as power (thermal, wind, hydro and solar), roads, social infrastructure (healthcare, education and hospitality), and industrial finance. Previously, Mr. Pankaj was with State Bank of India and over the span of his tenure had exposure to various aspects of project, corporate finance and development banking.


Mr. Pankaj holds a degree in textile technology, MBA (Finance) and is a Certified Associate of Indian Institute of Bankers (CAIIB). He has conceptualised and co-founded a grass root NGO, ‘Niramaya’, for blindness prevention and vision restoration in rural areas. He has also launched ‘Netra Daan Chetna Abhiyan’ in 2005 which has resulted in about 1000 eye donations and more than 350 free corneal transplants restoring vision for corneal blind.




Mr. Shiva Rajaraman

National Head- Strategic Initiatives & Chief Executive - L&T IDF


Mr. Shiva Rajaraman leads the conceptualisation, evaluation, planning and development of feasible/profitable strategic initiatives of L&T Infra Finance targeted at achieving accelerated balance sheet growth, increasing presence and enhancing risk-adjusted return.


In the last 18 years, he has worked in niche roles in Infrastructure Finance, Infrastructure Advisory and Equity and has contributed to and led the evaluation, advisory, structuring and financing for infrastructure projects through debt, equity and mezzanine finance.


Previously at L&T Infra Finance, he headed functions including Risk & Asset Management and earlier Project Finance for South Zone.Prior to joining L&T Infra Finance, 


Mr. Rajaraman was with IDFC for 10 years, during which he worked in several areas including Project Finance, Public Private Partnerships (PPP)/ Private Financing of Public Infrastructure (PFPI), Business Development and Credit Risk. Before IDFC, he was with the Equity Group of Dresdner Kleinwort Benson (now Commerzbank), which he joined on completion of his MBA.


Mr. Ajay Chaudhary

National Head


Mr. Ajay Chaudhary is the National Head (New Business - WBG). He is responsible for asset accretion for Whole Sale Business platform. He joined L&T Infra in 2007 as a part of a startup team in October 2007, with the responsibility of building a long term business presence for L&T Infra among large & mid- size Infrastructure players in the region.


Over the years he has taken up larger responsibilities across the WBG platform, establishing it as one of the leading financiers of renewable projects.Prior to joining L&T Financial Services, he worked with ICICI Bank in its Corporate Finance Group in North, where he was involved in credit appraisal and financing structured finance transaction.


He started his career with "ESSEL Group" where he was involved in Project Development and raising financing for the Group’s various ventures including Retail & DTH. Ajay holds a degree in Economics and he is a MBA in Finance.

Significant Deals
Project Financing
Financial Advisory
JV with UPRVUNL Financing for Super Critical Thermal Power Plant
0.25% to 15.75%