Morgan Stanley to launch India private equity unit

MUMBAI, April 23 Wed Apr 23, 2008 5:29pm IST

Stocks

   

MUMBAI, April 23 (Reuters) - Morgan Stanley (MS.N) will start a private equity unit in India, where it already runs an investment bank and an asset management firm, the U.S. firm said on Wednesday.

The unit, to be launched on May 1, will be headed by Aluri Srinivasa Rao who has joined from ICICI Venture, a unit of India's No. 2 lender, ICICI Bank (ICBK.BO), Morgan Stanley said in a statement.

"Private equity will form a critical component of our India platform," said Narayan Ramachandran, managing director and country head of Morgan Stanley in India.

Global financial firms and domestic banks are expanding into private equity in India where a rapidly growing economy has opened up big opportunities.

Government-run State Bank of India (SBI.BO), India's biggest lender, said on Wednesday it was in talks with foreign partners to launch private equity funds.

Morgan Stanley said it would invest in India through its Asia-dedicated private equity fund. The $1.5 billion fund closed in the third quarter of 2007. (Reporting by Narayanan Somasundaram; Editing by Ranjit Gangadharan)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Adani Project

Adani Project

Australia approves Adani's $16 bln Carmichael coal project  Full Article 

India-U.S. Talks

India-U.S. Talks

Kerry to woo Modi's India, but quick progress unlikely  Full Article 

Paring Debt

Paring Debt

Jaiprakash to sell hydro plants to Reliance Power  Full Article 

Mideast Conflict

Mideast Conflict

U.N. Security Council calls for humanitarian ceasefire in Gaza  Full Article 

Market Eye

Market Eye

Foreign investors prefer Indian cyclicals, utilities - Macquarie  Full Article 

Debt Investment

Debt Investment

India's FII debt limit hike credit-positive, says Moody's  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage