Articles

Modulus Alternatives Announces the Appointment of Two New Directors to its Board

Paras 3 months ago 3 min read

Modulus Alternatives, an established alternative asset manager in private credit, is pleased to announce the appointment of Mr. Alok Agarwal (former CFO, Reliance Industries) as a Non-Executive Director and Mr. Raman Uberoi (Senior Advisor, Government & Regulatory Relations & Former President: Ratings, Large Corporates, CRISIL) as an Independent Director on the Board.

Mr. Alok Agarwal, Non-Executive Director, Modulus Alternatives Investment Managers Limited

These appointments come at a pivotal time as Modulus Alternatives is expanding its market presence and bringing in innovation to its product offerings. The two distinguished professionals join the existing three-member Board, and will provide greater strategic insights, ensuring that Modulus remains at the forefront of the private credit space in India. The diverse Board reflects the Company’s unwavering vision and commitment to excellence, thereby creating absolute value for all its stakeholders.

Mr. Raman Uberoi, Independent Director, Modulus Alternatives Investment Managers Limited

Mr. Vinod Rai, former Comptroller and Auditor General of India continues as Chairman of Modulus Alternatives.

Founded in 2018, Modulus Alternatives is one of the early movers in the Indian performing private credit space. Till date, the platform has an invested capital aggregating to INR 2,380 crore and has returned more than INR 1,350 crore to investors. Fund I has been delivering a stellar performance since its launch in 2019. Across Fund I and ongoing Fund II, Modulus Alternatives has made 20 investments till date and successfully exited 13 of these investments. With an emphasis on capital protection and an active fund management strategy, the firm continues to deliver steady, attractive risk-adjusted returns to its investors.

Modulus Alternatives has been ranked 4th (basis the no. of completed deals in FY24) in the FY23/24 Reorg Report which has ranked Indian Private Credit asset managers based on various criteria. Reorg is headquartered in New York and is a global provider of data, analytics and credit intelligence for the leveraged finance and restructuring space. Additionally, Modulus Alternatives had some notable investments and exits in CY23, which were meticulously covered in the EY Private Credit H2 FY23 Report and REDD Intelligence Reports.

Brief Profiles:

Alok Agarwal

Mr. Alok Agarwal is an accomplished finance professional and an iconic figure in corporate India. He brings with him a plethora of experience, extensive relationships, and strategic insights for the Modulus platform.
A distinguished career spanning over four decades, he has been an integral part of Reliance Industries since 1993. Before joining Reliance, he was with Bank of America for 12 years. Mr. Agarwal had served as the Chief Financial Officer of Reliance Industries Limited for 18 years, since 2005. Over the past two decades, he has played a pivotal role in managing the Groups financial resources, overseeing banking relationships, and facilitating capital market transactions.

Mr. Raman Uberoi

Mr. Uberoi is a seasoned professional with a proven track record in building and managing profitable businesses. His expertise includes analyzing large and mid-sized corporates and financial institutions, as well as engaging with regulators and policymakers.
Currently, he serves as a Senior Advisor for Government & Regulatory Relations at CRISIL Limited. Additionally, he is a member of SEBI’s Market Data Advisory Committee and the Expert Committee for MSMEs for the Tamil Nadu Government. Mr. Uberoi also consults for various multilateral organizations, including the Asian Development Bank (ADB) and the World Bank.

About Modulus Alternatives Investment Managers Limited

Modulus Alternatives is a private credit platform and manages two Category II Private Credit AIFs, Centrum Credit Opportunities Fund and India Credit Opportunities Fund II. Founded in 2018, the funds managed by Modulus Alternatives have till date invested more than INR 2,380 crore across 20 investments with 13 exits and returned more than INR 1350 crore to investors. Fund I is tracking mid-teen returns since inception, along with consistent quarterly distribution to investors. Fund II, with 5 investments has deployed INR 591 till date.