Udayan Bose

Last updated

Udayan Bose
Born
Udayan Prabhas Bose

23 April 1949
Kolkata, West Bengal, India
DiedJanuary 6, 2021(2021-01-06) (aged 71)
Mumbai, Maharashtra, India
Alma mater Presidency University, Kolkata
Occupations
  • Investment banker
  • financier
  • business executive
Children3

Udayan Prabhas Bose (23 April 1949 - 6 January 2021) was an Indian investment banker, financier and business executive. Bose was one of India's first prominent investment bankers and was also the chairman of Lazard India, the Indian subsidiary of the multinational investment bank Lazard. [1] In 1990, he founded India's first private sector venture capital fund. [2] In 2004, Bose left investment banking and became a financier, focusing on private equity investments, and business executive. [3] [4] He was also the chairman of Thomas Cook India. [4] During his career, Bose was noted for his success in investments and acquisitions. [5] [1] He died in 2021. [6]

Contents

Early life and education

Udayan Prabhas Bose was born on 23 April 1949 in Kolkata, West Bengal, India. [5] [7] Bose came from a middle class family in Kolkota. [5] His father was Prabhas Chandra Bose. [8] Bose attended university in Presidency University, Kolkota, which was then known as Presidency College, Kolkota. [5] He graduated with first-class honours. [9]

Bose also completed a fellowship programme at the London Institute of Banking & Finance (Chartered Institute of Bankers London) in London, England, after which he attended the Advanced Management Programme at Harvard Business School. [9]

Career

Investment banking career

Bose began his career, in 1970, by joining the investment banking division of Grindlays Bank. [9] [1] He rose to become the Regional Director of Grindlays Asia Pacific, after which he joined Deutsche Bank and became the director of Asia operations. [6] He later became the head of Deuteche Bank's operations in Australia, however in 1984, Bose decided to leave the bank and return to India. [1] After returning to India in 1984, he founded Credit Capital Finance Corporation, one of India's first investment banks. [1] [10] Bose formed Credit Capital in a partnership with the multinational investment bank Lazard Brothers, the then United Kingdom operations of Lazard, which created India's first investment banking venture in which a foreign investment bank was a large partner. [6] [11] He was the chairman of the Credit Capital, and eventually, the venture was named Lazard Credit Capital, of which Bose was also chief executive officer (CEO). [12] [13]

Bose was involved in various notable deals during his time as chairman and CEO of Lazard Credit Capital. In 1996, Lazard Credit Capital was involved in a takeover battle for Ahmedabad Electricity, which was seen as controversial at the time. [14] In 1997, the company advised Bombay Dyeing, while the company was in the midst one of India's first hostile takeover ballets. [15] In 1999, Lazard Credit Capital advised the Nashik Municipal Corporation in a fundraise for infrastructure projects. [16] Bose also formed India's first private sector venture capital fund in 1990. [2]

Also in 1999, Lazard Brothers increased its share in Lazard Credit Capital and renamed the company Lazard India, and Bose became chairman of Lazard India. [17] [18] [19] In 2000, Bose was appointed as global managing director of Lazard's global operations. [19] In 2002, Lazard India was a joint venture between Lazard Worldwide and Udayan Bose, with bose sides owning 50% each. [20] It is active in corporate finance (mergers and acquisitions), privatisation and restructuring.Bose's time as the chairman of Lazard India was notable. He acted as an advisor for various notable deals, which included the RPG Group's takeover of HMV, organising the joint venture between Rediffusion and Dentsu, and advising Zuari Cement in their bid for Sree Vishnu Cement. [6]

Bose sold his shares in Lazard India in 2004 and left investment banking as a career. [21] It was speculated that he left Lazard due to differences with the head of Lazard at the time, Bruce Wasserstein. [6]

Financier and later career

After leaving Lazard in 2004, Bose became a financier and held various other positions as well. In 2004, Bose founded and became chairman of Tamara Capital advisors, a private equity investment company. [6] [3] In 2006, Bose led a consortium of investors to buy into a preferred equity offering of United Western Bank (UWB), an Indian private bank. [22] However, the Reserve Bank of India, India's central bank, rejected the proposal to allow private equity investors to infuse capital in UWB. [23] During his time as chairman of Tamara Capital Advisors, Bose in 2009, was part of the Amit Mitra Expert Committee, which focused on developing for funding Indian Railways infrastructure projects via public-private partnership. [24] [25]

In 2006 he also joined Thomas Cook India (TCIL), a travel agency and services company, as chairman of the company. [5] [4] Bose stated that his goals for TCIL were to make it a full scale travel services company through acquisitions and to scale TCIL to larger company size. [5] In August 2006, TCIL acquired Thomas Cook (Thailand). [26] Also in August 2006, TCIL acquired Travel Corporation of India (TCI), and incorporated it as a subsidiary to retain's TCI brand name, and also acquired TT Enterprises, a visa services company. [27] In 2007, TCIL signed a memorandum of understanding (MoU) with JTB Corporation, a Japanese travel agency. [28] The MoU gave TCIL access to JTB Corporation's network in 30 countries and affiliates across 800 offices, and JTB Corporation entered the Indian market via TCIL. [28] By 2008, TCIL was India's largest foreign exchange and second largest travel company. [29] In 2008, 74.9% of the issued share capital of TCIL was acquired by Thomas Cook Group and Bose continued as chairman of TCIL. [29] [30]

During his financier and later career, Bose was also a director in various companies, which included Reliance Capital, JK Paper and Pritish Nandy Communications. [31] [6] [9] Bose also served as the chairman of the Corporate Finance Committee of the Federation of Indian Chambers of Commerce & Industry (FICCI) and as the chairman of the Calcutta Stock Exchange. [32] [33]

Personal life and death

Bose was married and had one daughter, Piusha, and two sons, one of whom being Tushar. [34] Tushar, who started his career in investment banking, is an investor and a co-founder of Etonhurst Capital Partners, an asset management company. [35] Bose died in 2021, and was survived by his wife and three children. [6]

Related Research Articles

<span class="mw-page-title-main">Reserve Bank of India</span> Central Bank of India

The Reserve Bank of India, abbreviated as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. It is under the ownership of Ministry of Finance, Government of India. It is responsible for the control, issue and maintaining supply of the Indian rupee. It also manages the country's main payment systems and works to promote its economic development. Bharatiya Reserve Bank Note Mudran (BRBNM) is a specialised division of RBI through which it prints and mints Indian currency notes (INR) in two of its currency printing presses located in Mysore and Salboni. The RBI, along with the Indian Banks' Association, established the National Payments Corporation of India to promote and regulate the payment and settlement systems in India. Deposit Insurance and Credit Guarantee Corporation was established by RBI as one of its specialized division for the purpose of providing insurance of deposits and guaranteeing of credit facilities to all Indian banks.

<span class="mw-page-title-main">Lazard</span> American investment bank

Lazard Inc. is a financial advisory and asset management firm that engages in investment banking, asset management and other financial services, primarily with institutional clients. It is the world's largest independent investment bank, with principal executive offices in New York City, Paris and London.

<span class="mw-page-title-main">Aditya Birla Group</span> Indian multinational conglomerate

The Aditya Birla Group (ABG) is an Indian multinational conglomerate, headquartered in Mumbai. The group has a presence in 36 nations and a combined annual revenue of $65 billion, over 50% of which is derived from its overseas operations. The group's business interests include metals, cement, fashion and retail, financial services, renewables, fibre, textiles, chemicals, real estate, trading, mining, and entertainment.

The IDBI Bank Limited is a development finance institution under the ownership of Life Insurance Corporation of India and Government of India. It was established in 1964 as Industrial Development Bank of India, a development finance institution, which provided financial services to industrial sector. In 2005, the institution was merged with its commercial division, IDBI Bank, forming the present-day banking entity and was categorised as "other development finance institution" category. Later in March 2019, Government of India asked Life Insurance Corporation to infuse capital in the bank due to high NPA and capital adequacy issues and also asked LIC to manage the bank to meet the regulatory norms. IDBI was put under Prompt corrective action of the RBI and on 10 March 2021 IDBI came out of the PCA. At present direct and indirect shareholding of Government of India in IDBI Bank is approximately 95%, which Government of India (GoI) vide its communication F.No. 8/2/2019-BO-II dated December 17, 2019, has clarified and directed all Central/State Government departments to consider IDBI Bank for allocation of Government Business. Many national institutes find their roots in IDBI like SIDBI, EXIM, National Stock Exchange of India, SEBI, National Securities Depository Limited.

<span class="mw-page-title-main">Peter R. Orszag</span> American economist (born 1968)

Peter Richard Orszag is an American business executive and former government official. He is the Chief Executive Officer of Lazard.

HDFC Bank Limited is an Indian banking and financial services company headquartered in Mumbai. It is India's largest private sector bank by assets and the world's sixth-largest bank by market capitalization as of August 2023, following its takeover of parent company HDFC. The Reserve Bank of India (RBI) has identified the HDFC Bank, State Bank of India, and ICICI Bank as Domestic Systemically Important Banks (D-SIBs), which are often referred to as banks that are “too big to fail”.

Axis Bank Limited, formerly known as UTI Bank (1993–2007), is an Indian multinational banking and financial services company headquartered in Mumbai, Maharashtra. It is India's third largest private sector bank by assets and Fourth largest by Market capitalisation. It sells financial services to large and mid-size companies, SMEs and retail businesses.

<span class="mw-page-title-main">Economy of Gujarat</span>

The economy of Gujarat, a state in Western India, is the most industrialised in India, having the highest industrial output of any state in the union.It has the highest exports of any Indian state, accounting for 33% of all Indian exports in 2022-23. It leads in diverse industrial sectors such as chemicals, petrochemicals, dairy, drugs and pharmaceuticals, cement and ceramics, gems and jewellery, textiles and engineering. It has the highest Electricity Production Capacity and Maritime Port Cargo Volume among all states in India. It also has significant agricultural production with major agricultural produce of the state being cotton, groundnuts (peanuts), dates, sugar cane, milk and milk products. Gujarat recorded the lowest unemployment rate in India in 2022, with 4.4% of the labour force being unemployed.

Guggenheim Partners, LLC is a global investment and advisory financial services firm that engages in investment banking, asset management, capital markets services, and insurance services.

<span class="mw-page-title-main">JSW Group</span> Indian multinational conglomerate

JSW Group is an Indian multinational conglomerate, based in Mumbai. It is led by Sajjan Jindal and is part of the O.P. Jindal Group. The group's diverse businesses include steel, energy, infrastructure, cement and paints, across India, the United States, South America, and Africa.

Welspun Living Limited, previously known as Welspun India Limited, is an Indian textile manufacturing company headquartered in Mumbai, Maharashtra. Founded by Balkrishna Goenka in 1985, the company produces home textile products such as bed linen, terry towels, rugs, and yarn. Welspun operates several brands, including Christy, Spaces and Welhome, and is led by Dipali Goenka, who serves as the CEO and managing director.

Shikha Sharma is an Indian economist and banker. She was the managing director and CEO of Axis Bank from 2009 to 2018. She also worked for nearly thirty years at the ICICI Group, across its bank and insurance companies.

ReNew Energy Global is a decarbonisation solutions company based in India. It is the first Indian renewable energy company to be listed on NASDAQ. ReNew operates more than 140 projects spread across nine states in India. The company provides decarbonisation solutions through a mix of green hydrogen, data-driven solutions, storage, manufacturing, and carbon markets.

<span class="mw-page-title-main">Bajaj Finserv</span> Indian financial services company

Bajaj Finserv Limited is an Indian non-banking financial services company headquartered in Pune. It is focused on lending, asset management, wealth management and insurance.

PhonePe is an Indian multinational digital payments and financial services company headquartered in Bengaluru, Karnataka, India. PhonePe was founded in December 2015, by Sameer Nigam, Rahul Chari and Burzin Engineer. The PhonePe app, based on the Unified Payments Interface (UPI), went live in August 2016.

Dream11 is an Indian fantasy sports platform that allows users to play fantasy cricket, hockey, football, kabaddi, handball, basketball, volleyball, rugby, futsal, American football and baseball. In April 2019, Dream11 became the first Indian fantasy sport company to become a unicorn. In November 2021 Dream11 was valued at $8 billion. In October 2023, Dream11 reached a milestone of 200 million users.

<span class="mw-page-title-main">IDFC First Bank</span> Indian private sector bank

IDFC FIRST Bank is an Indian private sector bank formed by the merger of the banking arm of Infrastructure Development Finance Company and Capital First, an Indian non-bank financial institution. It is the first universal bank to offer monthly interest credit on savings accounts, lifetime free credit cards with dynamic and low annual percentage rates.

<span class="mw-page-title-main">Sanjiv Bajaj</span> Indian businessman

Sanjiv Bajaj is an Indian billionaire businessman who currently serves as the Chairman and Managing Director of Bajaj Finserv.

<span class="mw-page-title-main">Muthoot Microfin</span> Indian loan company

Muthoot Microfin Limited is an Indian microfinance institution (MFI), headquartered in Kochi. It primarily provides unsecured microloans to women in rural areas. It is a part of Muthoot Pappachan Group.

References

  1. 1 2 3 4 5 TNN (9 January 2021). "Udayan Bose, pioneer of investment banking in India, dies at 71". The Times of India. ISSN   0971-8257. Archived from the original on 25 September 2022. Retrieved 21 January 2024.
  2. 1 2 South. South Publications Limited. 1990. p. 20. Archived from the original on 5 February 2024. Retrieved 5 February 2024.
  3. 1 2 Tahseen, Ismat (21 November 2013). "Meet Mumbai's globe-trotting 'gastronauts'". DNA India. Archived from the original on 29 January 2024. Retrieved 29 January 2024.
  4. 1 2 3 TNN (11 August 2006). "Thomas Cook India takes over Thai business". The Economic Times. ISSN   0013-0389. Archived from the original on 28 January 2024. Retrieved 28 January 2024.
  5. 1 2 3 4 5 6 Majumdar, Shyamal; Dutta, Kausik (19 December 2006). "LUNCH WITH BS: Udayan Bose". Business Standard. Archived from the original on 15 January 2024. Retrieved 22 January 2024.
  6. 1 2 3 4 5 6 7 8 ET Bureau (9 January 2021). "Udayan Bose: The affable deal maker of the '90s" . The Economic Times. ISSN   0013-0389. Archived from the original on 9 January 2021. Retrieved 21 January 2024.
  7. ↑ "UDAYAN PRABHAS BOSE - 4533 Director Info". MyCorporateInfo. Archived from the original on 17 January 2024. Retrieved 17 January 2024.
  8. ↑ "PRABHAT DAIRY LIMITED" (PDF). Securities and Exchange Board of India. 17 August 2015. p. 160. Archived (PDF) from the original on 29 January 2024. Retrieved 30 January 2024.
  9. 1 2 3 4 Pritish Nandy Communications (2014). "The 21st Annual Report and Accounts 2014" (PDF). BSE. p. 32. Archived (PDF) from the original on 5 February 2024. Retrieved 22 January 2024.
  10. ↑ Far Eastern Economic Review. Review Publishing Company Limited. 1988. p. 12.
  11. ↑ Monthly Commentary on Indian Economic Conditions. Indian Institute of Public Opinion. 1984. p. 31.
  12. ↑ Asiamoney. Euromoney Publications. 1994. p. 8. Archived from the original on 5 February 2024. Retrieved 21 January 2024.
  13. ↑ BSCAL (7 April 1997). "The Offshore Gambit". Business Standard. Retrieved 22 January 2024.
  14. ↑ The Economist. Vol. 341. Economist Newspaper Limited. 1996. p. 32.
  15. ↑ Bullis, Douglas (9 December 1997). Selling to India's Consumer Market. Bloomsbury Publishing USA. p. 32. ISBN   978-0-313-00809-2. Archived from the original on 5 February 2024. Retrieved 5 February 2024.
  16. ↑ Kim, Yun-hwan (2003). Local Government Finance and Bond Markets. Asian Development Bank. p. 128. ISBN   978-971-561-501-3. Archived from the original on 5 February 2024. Retrieved 5 February 2024.
  17. ↑ Mishra, R. K.; Navin, B. (2006). Geeta, P. (ed.). Economic Liberalisation and Public Enterprises. Concept Publishing Company. p. 84. ISBN   978-81-8069-257-4. Archived from the original on 5 February 2024. Retrieved 23 January 2024.
  18. ↑ Business India. A. H. Advani. 1999. Archived from the original on 5 February 2024. Retrieved 23 January 2024.
  19. 1 2 Business World. Ananda Bazar Patrika Limited. 2000. p. 54.
  20. ↑ Our Bureau (28 August 2002). "Lazard India gets new head". Telegraph India. Archived from the original on 23 January 2024. Retrieved 23 January 2024.
  21. ↑ Zachariah, Reena (12 June 2007). "Lazard may float MF". Business Standard. Archived from the original on 26 January 2024. Retrieved 27 January 2024.
  22. ↑ TNN (1 February 2006). "Udayan Bose leads race for Rs 160-cr UWB pref issuez". The Economic Times. ISSN   0013-0389. Archived from the original on 30 January 2024. Retrieved 30 January 2024.
  23. ↑ Alexander, George Smith (27 June 2006). "RBI rejects UWB pvt equity proposal". The Economic Times. ISSN   0013-0389. Archived from the original on 30 January 2024. Retrieved 30 January 2024.
  24. ↑ "Rail cell on track". Telegraph India. 25 July 2009. Archived from the original on 29 January 2024. Retrieved 29 January 2024.
  25. ↑ INVC Desk (25 July 2009). "Railways constitute Expert Committee on innovative funding". International News and Views Corporation. Archived from the original on 29 January 2024. Retrieved 29 January 2024.
  26. ↑ TNN (11 August 2006). "Thomas Cook India takes over Thai business". The Economic Times. ISSN   0013-0389. Archived from the original on 28 January 2024. Retrieved 28 January 2024.
  27. ↑ TNN (2 December 2006). "Thomas Cook acquires Travel Corp for Rs 182.5 cr". The Economic Times. ISSN   0013-0389. Archived from the original on 28 January 2024. Retrieved 28 January 2024.
  28. 1 2 "Thomas Cook in Japan deal". Telegraph India. 17 December 2007. Archived from the original on 29 January 2024. Retrieved 29 January 2024.
  29. 1 2 INDIATIMES NEWS NETWORK (7 March 2008). "Thomas Cook PLC reacquires 75% stake in Thomas Cook India". The Economic Times. ISSN   0013-0389. Archived from the original on 29 January 2024. Retrieved 29 January 2024.
  30. ↑ PTI (30 March 2008). "Thomas Cook reconstitutes board". The Economic Times. ISSN   0013-0389. Archived from the original on 29 January 2024. Retrieved 29 January 2024.
  31. ↑ Our Web Bureau (29 December 2005). "Udayan Bose joins board of Rel Cap". Business Standard. Archived from the original on 29 January 2024. Retrieved 30 January 2024.
  32. ↑ From our online archive (16 May 2012). "Rate hike to destabilise growth: FICCI". The New Indian Express. Archived from the original on 26 January 2024. Retrieved 26 January 2024.
  33. ↑ ET Bureau (20 November 2009). "Calcutta Stock Exchange gets new head". The Economic Times. ISSN   0013-0389. Archived from the original on 29 January 2024. Retrieved 29 January 2024.
  34. ↑ Behram Contractor, Farzana. "Cooking With Precision And Love". Upper Crust. Archived from the original on 29 January 2024. Retrieved 29 January 2024.
  35. ↑ "People". Etonhurst Capital Partners. Archived from the original on 5 February 2024. Retrieved 2 February 2024.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.