Morgan Stanley to launch India private equity unit
MUMBAI, April 23
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)
- Tweet this
- Share this
- Digg this
- Apple sells more than 10 million new iPhones in first 3 days
- UPDATE 3-Apple sells more than 10 mln new iPhones in first 3 days
- India's Mars mission a step closer to success with engine test
- Israel's Mossad takes hunt for foreign spies and informants online
- Modi to observe strict fast during maiden trip to U.S.
The finance ministry is increasingly optimistic that it can meet a tough fiscal deficit target, helped by a 12 percent decline in global crude oil prices since Prime Minister Narendra Modi took charge in May. Full Article