JPMorgan Appoints New Co-Heads for India Investment Banking As Navin Wadhwani Quits - Details

JPMorgan Chase & Co. has promoted Nitin Maheshwari and Ravi Shankar as co-heads of investment banking in India, following the exit of Navin Wadhwani, the former head of the division. This move comes as the U.S. bank seeks to strengthen its position in India, a rapidly growing market for investment banking.

According to a memo seen by Bloomberg News, which was confirmed by a JPMorgan spokesperson, Maheshwari and Shankar will take over the responsibilities previously held by Wadhwani, who recently left the firm to pursue other opportunities. Maheshwari was until now the head of mergers and acquisitions (M&A) and financial sponsors for India, while Shankar headed the technology, media, and telecommunications (TMT) sectors, as well as consumer and retail in the country. Both executives will now jointly lead JPMorgan’s investment banking operations in India.

Maheshwari and Shankar 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 to report to Rohit Chatterji, head of M&A for the Asia Pacific region.

Wadhwani joined JPMorgan in 2022, after previously heading M&A for Reliance Industries Ltd., where he worked with Mukesh Ambani, Asia’s wealthiest individual. His departure comes as India continues to see a surge in investment banking activity, particularly in initial public offerings (IPOs). In 2024, India raised over $20 billion from share sales, including the country’s largest-ever IPO, where Hyundai Motor Co.’s local unit raised $3.3 billion.