Strong Corporate Governance
Overview
At Citius, we believe that a strong governance framework is fundamental to building stakeholder trust and managing business risks effectively. Our commitment to ethical conduct is reflected in the robust policies, practices, and oversight mechanisms we have in place.
We are guided by a knowledgeable and experienced Board of Directors (including three independent directors), whose expertise spans investments across infrastructure sector, infrastructure project advisory, capital market offerings, infrastructure financing and management of large real assets platforms.
Investment Manager – Board of Directors
Vidya Basarkod
Independent Director
Suresh Gurumani
Independent Director
Dr. Emandi Sankara Rao
Independent Director
Subahoo Chordia
Non-Executive Director
Sreekumar Chatra
Non-Executive Director
Bhavyang Oza
Whole Time Director & Chief Investment Officer
Vidya Basarkod
Independent Director
Vidya Basarkod is an independent director of the Investment Manager. She holds a bachelor’s degree in civil engineering from Gulbarga University, Karnataka and a master’s degree in technology (structural engineering) from the Indian Institute of Technology, Bombay. She has several years of experience in acquisition, development and delivery of various projects, including airports, ports, metro rails, roads, highways, etc. She is currently associated with COWI India, as its managing director. She was previously associated with Ramboll India as its managing director, Jaypee Infratech Limited as its president (real estate- marketing), Reliance Capital Limited as its vice president (infrastructure), Reliance Airport Developers Private Limited, Babtie Consultants as its Director where she was involved in business development, divisional director of the infrastructure division of Mumbai and Mott MacDonald.
Suresh Gurumani
Independent Director
Suresh Gurumani is an independent director of the Investment Manager. He is a qualified chartered accountant. He has several years of experience in various sectors such as banking, small medium enterprises, and microfinance. He was previously associated with SKS Microfinance as its managing director and chief executive officer.
Dr. Emandi Sankara Rao
Independent Director
Emandi Sankara Rao is an independent director of the Investment Manager. He has over 30 years of experience across sectors such as infrastructure finance, project development, and project finance. He holds bachelor’s degree in electrical engineering from Andhra University. He holds a Doctor of Philosophy from Indian Institute of Technology Bombay in project finance and network effectiveness, wherein he authored a thesis on “A techno-economic framework for sensitivity and risk analysis towards network effectiveness”. He also holds a Master of Technology in reliability engineering from Indian Institute of Technology Kharagpur and a post graduate diploma in business administration from Pondicherry University and is a Chartered Engineer (India) from the Institution of Engineers (India). He has held leadership roles in both public and private sector institutions. He served as the managing director and chief executive officer of IFCI Ltd. from 2017–2020, and was appointed by the Government of India. Prior to his role at IFCI Ltd., he associated with IIFCL Asset Management Company Limited as Director & Chief Executive Officer of IIFCL Mutual Fund (IDF) Scheme and CEO of IIFCL Projects Ltd.
Subahoo Chordia
Non-Executive Director
Subahoo Chordia is the non-executive director of the Investment Manager. He has been associated with Edelweiss group companies since August 13, 2007 and is currently designated as the chief-executive officer of EAAA India Alternatives Limited. Further, he is also associated with EAAA Real Assets Managers Limited as a non-executive director. He is responsible for overseeing investments MDs, Asset Management and Operation Heads, and Coverage heads, each with atleast 20 years of specialist experience and is responsible for driving the growth and management of the real assets investment strategies of EAAA India Alternatives Limited. He is an associate of the Institute of Chartered Accountants of India and prior to joining EAAA India Alternatives Limited, he was associated with IDBI Bank Limited and Axis Bank Limited (erstwhile UTI Bank Limited).
Sreekumar Chatra
Non-Executive Director
Sreekumar Chatra is a non-executive director of the Investment Manager. He holds a bachelor’s degree in mechanical engineering from Sambalpur University and a post graduate diploma in management from the Indian Institute of Management, Ahmedabad. He is currently the managing director – investments of EAAA India Alternatives Limited. He has over 26 years of experience in investment, asset management, mergers and acquisitions, establishing funds and principal investing in infrastructure sector. He has worked on transactions in sectors such as roads, renewables, power, airports, railways, utilities and urban infrastructure. He was previously associated with Canada Pension Plan Investment Board, Macquarie India Advisory Services Private Limited, PricewaterhouseCoopers Private Limited, PricewaterhouseCoopers LLP, London, KPMG Advisory Services Private Limited, Feedback Ventures & Collaboration Services Private Limited and Tata Engineering and Locomotive Company Limited (now Tata Motors).
Bhavyang Oza
Whole Time Director & Chief Investment Officer
Bhavyang Oza is the Whole-time Director and Chief Investment Officer of the Investment Manager. He holds a bachelor’s degree in engineering (chemical) from the University of Pune and a master’s degree in management studies from the University of Mumbai. He has over 26 years of experience in infrastructure investment, fixed income business, debt placements and advisory across infrastructure sub-sectors such as roads, renewable energy generation and logistics. He was previously associated with IFCI Limited, Axis Bank Limited formerly known as UTI Bank Limited, Edelweiss Capital Limited, Wachiova Management Services Private Limited, Kotak Mahindra Bank.
Investment Manager – Board Committees
| Mr. Suresh Gurumani (Chairperson) | |
| Mr. Bhavyang Oza | |
| Ms. Vidya Basarkod | |
| Dr. Emandi Sankara Rao |
| Mr. Sreekumar Chatra | |
| Mr. Bhavyang Oza | |
| Mr. Suresh Gurumani |
| Ms. Vidya Basarkod (Chairperson) | |
| Mr. Subahoo Chordia | |
| Dr. Emandi Sankara Rao | |
| Mr. Suresh Gurumani |
| Mr. Subahoo Chordia (Chairperson) | |
| Mr. Sreekumar Chatra | |
| Ms. Vidya Basarkod | |
| Dr. Emandi Sankara Rao | |
| Mr. Suresh Gurumani |
| Dr. Emandi Sankara Rao (Chairperson) | |
| Mr. Sreekumar Chatra | |
| Ms. Vidya Basarkod | |
| Mr. Suresh Gurumani |
Investment Manager – Management Team
| Bhavyang Oza | Chief Investment Officer |
| P. Padmanabhan | Chief Financial Officer |
| Harshad Shukla | Principal (Investments) |
| Nikita Supadia | Company Secretary |
Investment Manager – Management Team
Bhavyang Oza
Chief Investment Officer
P. Padmanabhan
Chief Financial Officer
Harshad Shukla
Principal (Investments)
Nikita Supadia
Company Secretary
Bhavyang Oza
Chief Investment Officer
Over 25 years of experience in infrastructure financing, investing & advisory. Served with Kotak (Bank & Alternatives), Axis Bank and IFCI Ltd.
B.E. (Chemical) & Masters in Management Studies (NMIMS)
P. Padmanabhan
Chief Financial Officer
34 years experience in Finance & Accounts with the largest EPC player cum developer group in India. Has managed finance, accounts, treasury and audit for 14 BOT projects. A Cost Accountant & Masters in Commerce
Harshad Shukla
Principal (Investments)
16+ years of experience across research, investments and project financing in Highways, buy-side & sell-side transactions. Earlier worked with Athaang, Essel group, and Emkay.
A Chartered Accountant
Nikita Supadia
Company Secretary
Sponsor – Board of Directors
Sreekumar Chatra
Non-Executive Director
Manish Chitkara
Non-Executive Director
Jimmy Jain
Non-Executive Director
Tharuvai Venugopal Rangaswami
Independent Director
Sreekumar Chatra
Non-executive Director
Sreekumar Chatra is a Non-Executive Director of the Sponsor. He holds a bachelor’s degree in mechanical engineering from Sambalpur University and a post graduate diploma in management from the Indian Institute of Management, Ahmedabad. He is currently the managing director – investments of EAAA India Alternatives Limited. He has over 26 years of experience in investment, asset management, mergers and acquisitions, establishing funds and principal investing in infrastructure sector. He has worked on transactions in sectors such as roads, renewables, power, airports, railways, utilities and urban infrastructure. He was previously associated with Canada Pension Plan Investment Board, Macquarie India Advisory Services Private Limited, PricewaterhouseCoopers Private Limited, PricewaterhouseCoopers LLP, London, KPMG Advisory Services Private Limited, Feedback Ventures & Collaboration Services Private Limited and Tata Engineering and Locomotive Company Limited (now Tata Motors).
Manish Chitkara
Non-Executive Director
Manish Chitkara is a Non-Executive Director of the Sponsor and the Project Manager. He holds a bachelor’s degree in civil engineering from Thapar Institute of Engineering and Technology, Patiala and a masters’ degree in construction management from National Institute of Construction Management and Research. He has extensive experience of over 33 years of techno-commercial experience in infrastructure projects with various engineering, procurement and construction companies and developers, including underground metros, hydro and highway projects. He joined SRPL Roads Private Limited in October 2018 and is also the Managing Director – Highways Portfolio of Sekura India Management Limited. He was previously associated with Hindustan Construction Co. Ltd., for 20 years in various capacities, Uniquest Infra Ventures and APCO Infratech Private Limited where he was involved in various projects such as construction of new hybrid annuity model projects and divestment of completed build-operate-transfer projects.
Jimmy Jain
Non-executive Director
Jimmy Jain is a Non-Executive Director of the Sponsor. She has over 15 years of experience in financing and ratings across the corporate and infrastructure sectors. She has passed all three levels of the CFA examinations and holds a degree in master’s of business administration from ICFAI University, Dehradun. Her experience includes leadership roles at Yes Bank and CRISIL Ratings.
Tharuvai Venugopal Rangaswami
Independent Director
Tharuvai Venugopal Rangaswami is a Non-Executive Director of the Sponsor. He has a bachelor’s degree in commerce and is an associate member of the Institute of Company Secretaries of India and a graduate member of the Institute of Cost and Works Accountants of India. He has about 35 years of corporate experience. He was previously associated with Reliance Petroleum Limited, ICICI Infotech Limited, National Stock Exchange of India Limited, BSE Limited, Multi Commodity Exchange, Nicco Orissa Limited, SCICI Limited, SWIL Limited and Edelweiss Financial Services Limited.
Project Manager – Board of Directors
Manish Chitkara
Non-Executive Director
Biren Fozder
Non-Executive Director
Shravan Agarwal
Non-Executive Director
Manish Chitkara
Non-Executive Director
Manish Chitkara is a Non-Executive Director of the Sponsor and the Project Manager. He holds a bachelor’s degree in civil engineering from Thapar Institute of Engineering and Technology, Patiala and a masters’ degree in construction management from National Institute of Construction Management and Research. He has extensive experience of over 33 years of techno-commercial experience in infrastructure projects with various engineering, procurement and construction companies and developers, including underground metros, hydro and highway projects. He joined SRPL Roads Private Limited in October 2018 and is also the Managing Director – Highways Portfolio of Sekura India Management Limited. He was previously associated with Hindustan Construction Co. Ltd., for 20 years in various capacities, Uniquest Infra Ventures and APCO Infratech Private Limited where he was involved in various projects such as construction of new hybrid annuity model projects and divestment of completed build-operate-transfer projects.
Biren Fozder
Non-Executive Director
Biren Sudhirbhai Fozdar is a Non-Executive Director of the Project Manager. He is a member of The Institute of Chartered Accountants of India. He has over 26 years of experience in project finance, treasury, mergers and acquisition, finance and accounts, taxation and budgeting. He was previously associated with Apraava Energy (formerly known as CLP India) for 20 years as the vice- president, corporate finance and treasury.
Shravan Agarwal
Non-Executive Director
Shravan Agarwal is a Non-Executive Director of the Project Manager. He holds a bachelor’s degree in commerce from the University of Delhi, masters’ degree in business administration from the ICFAI Business School and a masters’ degree of science in finance from the ICFAI University. He is a Chartered Financial Analyst from CFA Institute USA and also a member of the Council of Chartered Financial Analysts. He has about 20 years of experience in investment, asset management, mergers and acquisitions in the infrastructure and real estate space. He is currently associated with EAAA India Alternatives Limited as a Director – Investments and was previously associated with Shapoorji Pallonji Investment Advisors Private Limited, L&T Infra Investment Partners Advisory Private Limited, L&T Infrastructure Finance Company Limited, HSBC-Electronic Data Processing India Pvt Ltd., Nexgen Financial Solutions Private Limited and Allianz Securities Limited.
Codes and Policies
| Policy | Date | |
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| Vigil Mechanism Policy | November 28, 2025 |
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| Appointment of Unitholder Nominee Director | November 19, 2025 |
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| Policy on Anti-Bribery Corruption | November 19, 2025 |
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| Policy on succession planning for Board and Senior Management | November 19, 2025 |
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| Policy for evaluation of performance of the Board of Directors | November 19, 2025 |
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