NBHC looks for fresh start with complete board revamp

National Bulk Handling Corporation, the erstwhile subsidiary of Financial Technologies India Limited (FTIL) is looking forward to a fresh start. A warehousing and collateral management company, NBHC was sold to domestic private equity fund, India Value Fund Advisors in March by the FTIL Group for Rs 241 crore. Aastha Maheshwari speaks to the new management to find out more about the plans.National Bulk Handling Corporation (NBHC) is looking to reinvent itself post its sale by Jignesh Shah's FTIL. The new management is working overtime to ensure that the NSEL scam taint doesn’t impact the company in any fashion, reports CNBC-TV18's Aastha Maheshwari. Anil Choudhary, MD & CEO, NBHC said, "We have completely come out of the groove. We have revamped our group. There is no FT member on our board. Our board of directors has been completely revamped. Dr.Vijay Khelkar, Padma Bhushan, Eminent Finance and economics person has joined our board as a director and he's the chairman of our board now. Dr.Ajay Shah who is another renowned economist. We have few senior partners of India who are funding our new promoting entity." And some of these changes are starting to show results. Two months after, India value fund, took over NBHC is starting to see old clients return.Mr Choudhary further said, "All the banks have come back. They have started to hand over the locations to manage the collateral for them against which they fund in commodity. Most of the corporates who had gone past us because of the concerns that they had, they have come back."With business confidence returning, the company has chalked out an ambitious investment plan for the next one yearMr Choudhary further added, "We are planning to have an asset size of 15000 cr that we will manage, we also looking a expansion into more geographies."NBHC has made the first steps to cut the umbilical cord with Jignesh Shah's FTIL but while the recovery process has started the battle is far from over. Experts say the warehousing business is dominated by government companies, and so it may take a while before private sector players make significant inroads.