IDFC forms real estate arm, hires ex-SUN Apollo boss

Infrastructure Development Finance Company, the India-focused infrastructure business, is to set up a real estate investment arm and has hired former SUN-Apollo managing director and chief executive officer, Chetan Davé to lead the platform.

Infrastructure Development Finance Company (IDFC), the Indian infrastructure business, is to build a portfolio of “infrastructure-focused real estate assets and a real estate private equity funds management business” according to an announcement by the firm.

To lead its drive in the sector, IDFC has appointed Chetan Davé, the former managing director and chief executive of SUN-Apollo, a joint venture between AREA Property Partners and Indian conglomerate SUN Group, which he helped to form. Davé resigned from his role at SUN-Apollo last April handing over the reins to Prakash Kolothia. He has also previously worked for Houston-based Transwestern and at JPMorgan in New York.

A trained architect, Davé starts his new role at IDFC, where he will also sit on the firm’s management committee, immediately.

Commenting on the appointment, Rajiv Lall, managing director and chief executive officer at IDFC said: “He is ideally placed to drive our efforts in building and leading our real estate investments business.”

Earlier this month, Luis Miranda announced that he will be relinquishing his role as president and chief executive of IDFC Private Equity, a subsidiary of IDFC, which is India’s largest infrastructure-focused private equity operation, on 1 November. Lall said Miranda would continue in the roles until then. A successor has not yet been named.