Sumit Dhingra may join Tatas as retail strategist

MUMBAI: Tata Group may hire Sumit Dhingra, a senior banker from private equity fund Everstone Capital who specialises in the consumer and F&B sector, to help strategise its consumer and retail facing businesses, sources said.

Several investment bankers have joined the Tata Group after N Chandrasekaran took over its reins earlier this year. They have been helping the group realign its businesses and sell the noncore ventures for a leaner organisation to emerge.

“The group plans to merge retail and consumer businesses and hence is putting in place a team that could execute the transition seamlessly,” said a person familiar with the development.

Spokespersons for Everstone and Tata Group did not respond to emailed queries as of press time Sunday.

Dhingra declined comment.

The salt-to-telecom conglomerate had earlier hired former investment banker Saurabh Agrawal as chief financial officer, and Shardul Amarchand Mangaldas Mumbai partner Shuva Mandal as the group’s legal counsel. The group also hired Ankur Verma, former Bank of America Corp’s India head who specialises in deals in technology, media, telecommunications, oil and gas, and Nipun Aggarwal from Standard Chartered Bank who is a specialist in metals and mining deals.

Media reports indicate that around one-third of the 100 plus entities of the 149-year-old group could go as part of the group’s realignment and for that the group needs hands that are trained at financial reengineering and reorganisation.

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