JPMorgan Chase & Co. has announced the promotion of Nitin Maheshwari and Ravi Shankar as co-heads of investment banking for India. The move follows the departure of Navin Wadhwani and signals the bank’s commitment to strengthening its presence in one of Asia’s most dynamic financial markets.
Maheshwari, previously head of mergers and acquisitions (M&A) and financial sponsors for India, will share leadership with Shankar, who has been overseeing the technology, media, telecommunications, consumer, and retail sectors. Both executives will assume the responsibilities held by Wadhwani, who joined the firm in 2022 after serving as the M&A head at Reliance Industries but recently left to pursue other opportunities.
The new leadership structure reflects JPMorgan’s strategic focus on India, a country that has become a hotspot for financial deals. In 2024, the Indian market saw a surge in initial public offerings (IPOs), raising over $20 billion in share sales, including a record $3.3 billion listing by Hyundai Motor Co.’s local unit.
Maheshwari and Shankar will report to Paul Uren, head of investment banking for the Asia Pacific region, and Kaustubh Kulkarni, JPMorgan’s senior country officer for India. Maheshwari will also continue to report to Rohit Chatterji, the Asia Pacific head of M&A.
The appointments underline JPMorgan’s intent to leverage its seasoned talent pool to navigate the robust and competitive Indian market. By consolidating expertise in M&A and sector-specific industries under this dual leadership, the bank aims to build on the momentum of record-breaking capital market activity and further entrench its footprint in one of the world’s fastest-growing economies.
India’s thriving dealmaking landscape presents abundant opportunities, and JPMorgan’s leadership transition is expected to enhance its capacity to engage with diverse sectors and drive future growth in the region.
