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. 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.


Ms. Nishi Vasudeva

Independent Director


Ms. Nishi Vasudeva is an internationally acclaimed leader and is the first woman to chair an oil and gas company in India.


She represented HPCL as Chairman / Director on the board of several Joint Venture companies. She was responsible for developing the vision and long term objectives, improving growth and profitability, driving a high performance culture geared towards operational excellence and consistent value creation for shareholders & all stakeholders.


Prior to assuming responsibility as C&MD, she served on HPCL Board as Director-Marketing and was responsible for pan India sales (B2B & B2C segments), Brand building, Efficient supply chain management, Infrastructure development and leading HPCL foray into new business lines.


Her career at HPCL included leadership positions in Marketing, Corporate Strategy, Planning and Information systems and has led key business transformation & organizational restructuring projects.


She is the first Indian to be awarded the Global CEO of the year at Platt’s Global energy awards 2015. She received the SCOPE Award for excellence and outstanding contribution to Public sector Management from the Hon’ble President of India and was also recognized with Outstanding Women Manager Award by SCOPE.


She has been a member in several committees for development of policy in the Oil Industry and Hydrocarbon sector in India. 


She is BA (Economic Honours) from Delhi University and an MBA from IIM Calcutta with over 38 years of experience in the petroleum industry. 


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. 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 and Structured 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 is the Chief Executive Officer (CEO) of L&T Infra Debt Fund Ltd (L&T IDF), India’s leading Infrastructure Debt Fund, focussed on providing refinancing and credit enhancement solutions to private sector/ PPP projects.


He also heads the Strategic Initiatives function of the Wholesale business where he leads and takes overall responsibility for the conceptualisation, evaluation and development of feasible strategic initiatives, targeted at achieving accelerated balance sheet growth, increasing presence, and enhancing risk-adjusted return.


Previously at LTFS, he headed the Risk & Asset Management function and Project Finance for the South Zone, where he was involved in setting up the South Zone operations. Prior to that, he was employed with IDFC (now IDFC Bank) and the Equity Group of Dresdner Kleinwort Benson (now Commerzbank).


Mr. Rajaraman is a member of the Infrastructure Committees of FICCI and CII and a Director on the Board of Indian Highway Management Company Ltd (promoted by NHAI). He has 21 years of experience in infrastructure finance and advisory in India. In this period, he has contributed to and led the evaluation, advisory, structuring and financing for infrastructure projects through debt, equity and mezzanine finance.


Mr. Rajaraman is a management graduate from the Bharatidasan Institute of Management. He is an established subject matter expert and trainer in the field of infrastructure finance. He has a passion for teaching and conducts training programs for young professionals, senior government and RBI officials. He has a keen interest in history and enjoys playing chess.


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