Board of Directors


Composition of Board level Committees

Terms of Reference of Board level Committees


Dr. Emandi Sankara Rao


Dr. Emandi Sankara Rao is currently serving as MD&CEO of IFCI Ltd, a Government of India Undertaking. IFCI is the oldest Financial Institution and the first Development Finance Institution of the country set up in 1948 and has been contributing towards Indian economic growth through development of infrastructure and industry. He is an alumni of IIT Bombay (PhD), IIT Kharagpur (M. Tech), Pondicherry Central University (PGDBA) and Andhra University (B.E. Electrical Engineering).

Prior to IFCI Ltd, Dr. Rao has served for over 30 years with leading Financial Institutions – IIFCL and IDFC. He has extensive experience in Project & Corporate Finance, Private Equity, Investment Banking, Infrastructure Development and Long Term Resource Raising (Domestic & Foreign Capital). He was the Founder Director & CEO of IIFCL Asset Management Company Ltd and also the Founder Director & CEO of IIFCL Projects Limited and also was associated with the IDFC Group as Director & Business Head.

Dr. Rao has been a member in the Sub-Group on Infrastructure Finance (under RBI and erstwhile Planning Commission Working Group on Savings Formulation) of the 12th Five Year Plan, member of Sub-Group on Financing Urban Infrastructure in the 12th Five Year Plan, and a member in the Ministry of Finance – DFS Committee on Debt Market Development and contributed to several research & policy papers in various National and International Conferences & Workshops. Recently, he has been recognised by the globally renowned Asia Pacific Enterprise Awards for his contribution in the field of financial services.

Besides being a Banking & Finance Specialist, Dr. Rao is also an Academician, Skill Developer & Start-up Enabler, Social Reformer and a Farmer. At present, besides IFCI, he is also Chairman on the Boards of Stock Holding Corporation of India Ltd., IFCI Factors Ltd., IFCI Venture Capital Funds Ltd. and IFCI Infrastructure Development Ltd. Further, Dr. Rao is also Chairman of the Board of Governors of Management Development Institute. He is also on the Board of Governors of Institute of Leadership Development and Entrepreneurship Development Institute of India.


Shri Anand Madhukar



Shri Anand Madhukar is an IRPS (Indian Railway Personnel Service) Officer of 1997 Batch. At present, he is posted as Officer on Special Duty in Department of Financial Services, Ministry of Finance, Government of India. Shri Madhukar holds a Master’s Degree in History from Hansraj College,Delhi University. He has also pursued short term courses on Ethics and Governance from UCLA, Berkeley and on Negotiation Strategies from London School of Economics.

Mr. Anand Madukar has experience of more than 22 years and has held several significant positions which include:

1. Senior Divisional Personnel Officer of Chakradharpur Division of South Eastern Railway heading HR functions for approximately 22,000 employees;

2. As Chairman of Railway Recruitment Cell of South Eastern Railway, handled Group D recruitment of app.2500 vacancies having 8 lakh applicants;

3. As Director (ACC) in DOPT, handled senior appointments in CPSEs, PSBs, Autonomous Bodies, Tribunals etc. He was awarded with Minister of Railways Award for outstanding performance for the year 2008-09.

4. As Officer on Special Duty in Department of Financial Services, Shri Madhukar has handled Pension Reforms and Banking and is currently handling Institutional Finance. He has been a Government Nominee Director on the Board of UCO Bank since 4.12.2018 and a Member of the Governing Board of Institute of Banking Personnel Selection (IBPS) since 13.3.2019.



Dr. Bhushan Kumar Sinha



Dr. Bhushan Kumar Sinha belongs to the 1993 batch of Indian Economic Service. Presently he is posted as Joint Secretary in the Department of Financial Services (DFS), Ministry of Finance, Government of India, New Delhi.

His entry into the Indian Economic Service (IES) in 1993 coincided with the economic reforms process initiated in India. Since then, as a member of the IES, Dr. Sinha has handled diverse economic & financial issues, such as facilitating financing for Indian corporations from international capital markets, regulating external commercial debt flows within the overall framework of prudent debt management for the country, development and regulation of the Indian securities market, initiating and co-ordinating pension sector reforms for the Government of India, formulating and implementing policies for promotion and growth of the Indian MSMEs.

Before joining DFS in May, 2018, Dr. Sinha had a three year stint as Economic Adviser in the Department of Investment & Public Asset Management (DIPAM). During this tenure, he was instrumental in steering the paradigm shift in the GoI’s policy strategy by facilitating migration from 'divestment-based approach' to the concept of 'efficient management of investments' in Central Public Sector Enterprises (CPSEs). Prior to DIPAM, Dr. Sinha was posted as Director in the office of the Finance Minister.

Dr. Sinha holds a Master’s degree in Business Administration (MBA) from the National Graduate School of Management (NGSM), Australian National University (ANU), Canberra, Australia and a Ph.d. from the Department of Financial Studies, University of Delhi. The topic of his doctoral dissertation was “Valuation of IPOs in India- An Empirical Study”. Dr. Sinha also holds a Law degree from the Campus Law Centre, University of Delhi.

Besides IFCI Ltd, Dr. Sinha is also GoI’s Nominee Director on the Board of Directors of Central Bank of India.




Ms. Kiran Sahdev



Ms. Kiran Sahdev joined LIC in the year 1984 as a Direct Recruit Officer of the 13th Batch. In a career spanning over three decades, she has handled many challenging assignments such as Secretary (Per.Admn/ER) at Central Office, Regional Manager (Personnel & IR) of Central and North Zones and Regional Manager (Estates / OS) of Northern Zone. The twelve years' of rich experience in managing personnel and industrial relations has made her almost a specialist in the field. As a part of the Team LIC, at corporate LIC, she looks forward to enhancing professionalism in work culture and establishing robust systems to improve corporate governance.

Ms. Sahdev has been extensively trained in executive excellence and leadership at renowned Indian and international institutes, including ISB, Hyderabad, IIM (Ahmedabad) and Asian Institute of management, Manila, Philippines.

A major in English Literature from Jesus and Mary College, Delhi and a Post Graduate in English Literature from Delhi University, Ms. Kiran Sahdev is a multifaceted personality having interests in music, reading and theatre. An art lover, she has a remarkable aesthetic sense and appreciates works of art related to period history and culture.



Prof. N. Balakrishnan



Prof. N. Balakrishnan is an Honorary Professor at the Department of Aerospace Engineering and at the Supercomputer Education and Research Centre. He joined the Department of Aerospace Engineering as an Assistant Professor. He has also held the positions of Associate Director of the Indian Institute of Science; Chairman, Division of Information Sciences and Chairman, Supercomputer Education and Research Centre.

He has done his B.E. (Hons.) in Electronics and Communication from the University of Madras in 1972 and Ph.D. from the Indian Institute of Science in 1979. He is a Fellow of The World Academy of Sciences (TWAS), Indian National Science Academy, Indian Academy of Sciences, Indian National Academy of Engineering, National Academy of Sciences and Institution of Electronics &Telecommunication Engineers.

Prof. N. Balakrishnan has received many notable accolades including the Padmashree by the President of India in 2002, Prof S N Mitra Memorial Award, 2013 of the Indian National Academy of Engineering, IETE Diamond Jubilee Medal 2013, Homi J. Bhabha Award for Applied Sciences, 2004, JC Bose National Fellowship in 2007, the Alumni Award for Excellence in Research for Science & Engineering by IISc, 2001 and Millennium Medal of the Indian National Science Congress in 2000 among others.

Prof. N. Balakrishnan was the Chairman of Data Security Council of India and is currently one of its Directors.

Besides IFCI, Prof. N. Balakrishnan is also on the Board of Indian Institute of Information Technology and Management, Kerala and Equitas Small Finance Bank Limited. He has also been in the past, a member of the National Security Advisory Board. He was also one of the Directors of the Bharat Electronics Limited (BEL), and a Part-Time Member of the Telecom Regulatory Authority of India.



Prof. Arvind Sahay



Prof. Arvind Sahay is Professor of Marketing and International Business, Dean (Alumni & External Relations) at IIM Ahmedabad. He is Ph.D. from University of Texas Austin and B.Tech. from IIT Kanpur. He did Post Graduation Diploma in Business from IIM Ahmedabad.

Prof. Sahay has authored more than 50 cases and published in leading international journals like the Journal of Marketing, Journal of Product Innovation Management, Journal of International Business Studies, Sloan Management Review, Vikalpa, the Journal of Academy of Marketing Science and Journal of Indian Business Research. His article in the Journal of Academy of Marketing Science is one of the most widely cited papers in marketing. He has been a regular columnist for Outlook Business magazine on marketing strategy and has also written for the leading Indian business newspaper, Financial Express, on economics and business. He is the author of a case book on marketing strategy called Cases in Pricing, Marketing Communications and Distribution.

Professor Sahay is the recipient of the University Wide Outstanding Dissertation Award from the University of Texas at Austin (for his Ph.D thesis), the Innovation in Teaching Award at London Business School and of the Dewang Mehta Best Teacher Award in Marketing Management and the UTV Bloomberg Best Marketing Professor in India. He was also nominated to the Thinkers50 India list by the Institute of Competitiveness, Harvard Business School.

Professor Sahay has been a visiting faculty at EADA (Spain), the Mason School of at the College of William and Mary (USA), University of Texas at Austin (USA), IIM Lucknow, Asian Institute of Technology, (Vietnam), Gordon Institute of Business Science, University of Pretoria (South Africa), SP Jain Institute of Management Research (Singapore, Dubai), Retail Alliance (Dubai) and Indian School of Business, Hyderabad.

Besides IFCI, Professor Sahay is also on the Board of Brandscapes Consultancy Pvt. Ltd., Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (GNFC) and HIL Ltd.