Reliance Commercial Finance (RCFL), a subsidiary of Reliance Capital (RCL), today announced the appointment of Devang Mody as its new CEO.

"I am delighted to welcome Devang Mody as the new CEO of our Commercial Finance business, a high priority growth area for Reliance Capital in the future. Devang is a visionary pioneer, and comes with an excellent track record of creating and rapidly growing highly profitable lending businesses in different segments. We expect Reliance Commercial Finance to significantly accelerate its growth momentum under his leadership," said Anil D. Ambani, Chairman, Reliance Capital.

Reliance Commercial Finance is amongst the leading SME lenders in the Indian non-banking finance space with Assets Under Management (including securitized portfolio) of Rs 161.91 billion (USD 2.4 billion) as of December 31, 2016.

The company, over the last 8 years, has helped create success stories for over 1,30,000 SMEs across the country covering various industries, and disbursed loans over Rs 500 billion (USD 7.35 billion) to them. 

Shares of the company gained Rs 21.65, or 4.04%, to trade at Rs 557.10. The total volume of shares traded was 541,342 at the BSE (2.29 p.m., Tuesday).